Mortgage Rates Hit 6% Amidst Global Tensions and Market Concerns

Mortgage rates in the U.S. have risen to 6% for the first time since early 2025, following military actions in Iran that have unsettled financial markets. The average 30-year fixed mortgage rate reached this level during the week ending March 5, as yields on 10-year Treasury bonds increased. Although rates had briefly dipped below 6% previously, ongoing geopolitical conflicts and inflationary pressures from rising oil prices could hinder any further declines. This situation is particularly relevant for El Paso homeowners, many of whom are hesitant to sell due to previously secured low financing costs. The National Association of Realtors reported an 8.4% drop in home sales in January, yet home prices continue to rise, indicating a complex housing market landscape.

Key Details: • Mortgage rates reached 6% as of March 5, 2025. • Home sales in January decreased by 8.4% across the U.S. • Home prices have risen for 31 consecutive months, despite lower sales. • Homeowners are reluctant to sell due to previously low mortgage rates.