Mortgage rates hit highest level in nearly a year

The 30-year fixed mortgage rate rose to 6.58% this week, the highest in nearly a year. The move is attributed to higher oil prices amid U.S.-Iran tensions, which can add upward pressure to inflation expectations and long-term rates. Mortgage affordability and housing demand risk deteriorating if rates remain elevated.

Analysis

The 30-year fixed mortgage rate rose to 6.58% this week, the highest in nearly a year. The move is attributed to higher oil prices amid U.S.-Iran tensions, which can add upward pressure to inflation expectations and long-term rates. Mortgage affordability and housing demand risk deteriorating if rates remain elevated.