Mortgage rates rise

Homebuyers may be experiencing higher average mortgage rates in the midst of the Iran War.

Experts detailed that the war has mounted pressure on an economy already burdened by inflation as a result of increasing oil costs, according to a news article from The New York Times. For instance, oil prices are more than 50% higher than they were in late February, averaging about $4.08 per gallon. The experts noted that the price of oil impacts the risk of inflation — which some analysts have predicted will increase above 4% compared with 2.6% in 2025 — thereby pushing up mortgage rates.

Compared with rates that dipped below 6% prior to the start of the Iran War and 6.38% in late March, the average 30-year fixed-rate mortgage rate rose to 6.46%. Further, the experts stressed that because many homeowners may have obtained lower mortgage rates, they may be discouraged from moving, consequentially limiting new houses on the market as well as demand among homebuyers.

Read more: The New York Times

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