Mortgage Rates Hit 7% as Iran War Crushes a Weak Housing Market

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Average 30-year mortgage rates in the United States have surpassed 7% for the first time in nearly two years, reaching 7.03%. According to Freddie Mac, rates increased from 6.3% over the past year. This surge puts significant pressure on housing affordability and further weakens a housing market already reeling from the ongoing Iran war. The jump in rates represents a major blow to the sector as borrowing costs continue to climb for American homeowners.
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