Mortgage rates hit 6% as Iran war spooks bond market traders
CNN • • business
Key Points:
- The average 30-year fixed mortgage rate in the US rose back to 6% for the week ending March 5, influenced by military strikes in Iran and subsequent financial market reactions.
- Despite typically being a safe haven, US Treasury yields increased following the conflict, pushing mortgage rates higher instead of lower.
- Mortgage rates briefly fell below 6% last week for the first time since 2022, sparking hopes of reviving the housing market, but the recent rise may hinder this recovery.
- Home sales declined 8.4% in January across all US regions, even as median home prices continued to rise for the 31st consecutive month, reflecting ongoing market tightness.
- Experts note that while mortgage rates
