War with Iran burdens North Texas housing market as mortgage rates rise again
The US war with Iran is affecting the North Texas housing market, with mortgage rates rising for the fourth week in a row. The increased rates, combined with high home prices, are making it harder for buyers to afford homes, with mortgage applications and home purchases dropping.
The North Texas housing market is feeling the effects of the US war with Iran. Mortgage rates have risen for the fourth week in a row, reaching 6.38% for a conventional 30-year home loan. The war is driving up oil prices, which in turn is increasing mortgage rates. This is making it harder for homebuyers to afford homes, with mortgage applications dropping 11% and home purchases falling by 5%. The median home price in the Dallas-Plano-Irving region remains over $400,000. Experts predict mortgage rates will stay above 6% for the rest of the year due to the inflationary effects of the war.
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