"The average rate on a 30-year fixed-rate mortgage rose to 6.34% APR in the week ending Mar. 26, according to rates provided to NerdWallet by Zillow."
"The combination of more costly borrowing, higher prices for household goods and overall economic uncertainty could squash the spring homebuying season before it's even really begun."
"Mortgage rates closely track the bond market, and bonds are less attractive in times of high inflation. The war in Iran... rattled markets and stoked what quickly turned out to be well-founded inflation fears."
The average rate on a 30-year fixed-rate mortgage increased to 6.34% APR as of March 26. Higher mortgage rates are linked to the war in Iran, contributing to economic uncertainty and rising household costs. This situation is likely to hinder the spring homebuying season. In February, lower rates had led to a surge in refinance and purchase applications, but the increase in rates has caused a significant decline in buyer activity. The bond market's performance, affected by inflation fears, is closely tied to mortgage rates.
Read at SFGATE
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