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El Paso Faces Rising Mortgage Rates Amid Economic Uncertainty

KVIA•Thursday, May 21, 2026 at 4:00 PM•CNN Newsource

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Mortgage rates in the U.S. have surged to their highest level in nine months, reaching an average of 6.51% for a 30-year fixed mortgage. This increase is attributed to turmoil in the bond market linked to the ongoing conflict in Iran, raising concerns about higher inflation. The rise in rates is impacting homebuyers significantly; for example, a $450,000 home would now cost an additional $1,488 annually in mortgage payments compared to earlier this year. As a result, mortgage applications have dropped by 2.4% year-over-year, indicating a slowdown in the housing market just as the spring buying season begins. Home prices remain high, with the median existing home sales price at $417,700, further complicating homeownership for many.

Key Details: • Current average mortgage rate is 6.51%, highest since August 2022. • A $450,000 home now costs about $2,278 monthly in mortgage payments. • Mortgage applications for new purchases decreased by 2.4% from last year. • Median existing home sales price is $417,700, marking 34 consecutive months of price increases.

economy mortgage housing-market inflation homeownership

People & Organizations

El PasoNational Association of REALTORSBrad CaseMortgage Bankers Association

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