Five months into the war in Iran, rising oil prices and stubborn inflation are driving mortgage rates to the highest level in a year.
The average 30-year fixed mortgage rate climbed to 6.66% this week, the highest since July of last year, according to Freddie Mac. That’s up from 6.58% last week, marking the biggest one-week jump in mortgage rates in 10 weeks.
Just a few months ago, mortgage rates dipped below 6% for the first time in years, fueling hopes that lower borrowing costs would revive the sluggish housing market.
Dispatches From The Front 