US mortgage rates rose to 6.49%, reversing last week's decline, as renewed
US-Iran escalation raised concerns that oil prices and borrowing costs could
climb. Freddie Mac said on Thursday its 30-year fixed-rate mortgage average rose
to 6.43% from a week earlier; it was 6.72% a year ago. The conflict since late
February has weighed on the housing market, and hopes that a prior ceasefire
would ease geopolitical risk and stabilise borrowing costs have dimmed after
this week's escalation. High mortgage rates are hindering buyers and may prevent
sales improvement in 2026, and the current Iran situation could keep rates
elevated, Realtor.com senior economist Joel Berna said.
