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Mortgage Rates Hit Highest Level in Nearly a Year Amid Global Tensions

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This week, the average rate for a 30-year fixed mortgage rose to 6.55%, the highest in almost a year, following renewed conflicts in Iran that have unsettled financial markets. This increase has dampened optimism for the housing market, which had briefly seen rates dip below 6% earlier this year. The National Association of Realtors reported a 5.4% decline in pending home sales in June compared to the previous month, indicating that higher mortgage rates are deterring potential buyers, particularly first-time homeowners. Despite signs of moderating inflation, the ongoing geopolitical tensions are expected to keep mortgage rates elevated, with Zillow projecting a gradual decrease to 6.4% by the end of 2026.

Key Details: • Current average mortgage rate: 6.55% • Pending home sales fell 5.4% in June compared to May. • Mortgage applications decreased by 7% last week. • Zillow forecasts mortgage rates to reach 6.4% by late 2026.

real-estate mortgage housing-market iran inflation

People & Organizations

ZillowNational Association of REALTORSKara NgLawrence Yun

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