Mortgage hike tied to inflation, war

Worsening inflation and the ongoing Iran War have resulted in the highest mortgage rates in nearly a year.

Prior to the war, mortgage rates had dropped below 6%. However, the war’s effects on 10- and 30-year Treasury bond yields and overall costs have led to increases in mortgage rates, translating to higher monthly payments for homebuyers, according to a news article from KSL. As of late May, the rate for a 30-year fixed-rate mortgage reached more than 6.5%, a nearly 2.5% increase over rates from mid-May.

Experts cited in the article suggested that the rising mortgage rates could discourage individuals from purchasing homes, since payments over the life of the loan could be an estimated $45,000 higher on a $450,000 home.

Read more: KSL

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