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After several years of slow home sales, economists hoped 2026 would bring more activity as more homes hit the market and price growth cooled.
But just as the spring homebuying season begins, new uncertainty is emerging due to the US-Israeli war with Iran.
Mortgage rates climbed last week for the fifth-straight week, to 6.46%, the highest level in seven months, according to Freddie Mac. At the same time, the war is rattling other areas of the economy: average gas prices recently climbed to the highest level since 2022, the stock market has been volatile, and there are growing questions about the strength of the labor market.
Mortgage Rates Climb for 5th Week as Iran War Weighs on U.S. Housing Market
The average rate on a 30-year mortgage in the United States jumped to 6.46 percent, making it harder for buyers to afford homes.
Hopes that the U.S. housing market was starting to thaw have ebbed as the war in the Middle East extended into April, raising costs for many Americans.
The average 30-year, fixed-rate mortgage rate hit 6.46 percent, the mortgage finance giant Freddie Mac said on Thursday. That’s up from 6.38 percent the week before and the highest since the first week of September. Mortgage rates fell below 6 percent before the war started, but they have been climbing ever since.
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