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Mortgage Rates Hit Nine-Month High Amid Economic Uncertainty

KVIA••CNN Newsource
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Mortgage rates in the U.S. have surged to their highest levels in nine months, now averaging 6.51% for a 30-year fixed mortgage, primarily due to instability in the bond market linked to the ongoing conflict in Iran. This increase marks the largest weekly rise since April 2025 and is expected to further complicate home buying for potential buyers. With inflation concerns rising, the average monthly payment for a $450,000 home could increase by approximately $124, leading to an annual cost increase of nearly $1,500. As the spring home buying season begins, mortgage applications have already dropped by 2.4% year-over-year, indicating a sluggish market ahead.

Key Details: • Current average mortgage rate is 6.51%, highest since August 2022. • Monthly payments for a $450,000 home could rise by $124 compared to earlier this year. • Mortgage applications decreased by 2.4% year-over-year in April. • Home prices remain near record levels, averaging $417,700 in April.

economy mortgage housing-market inflation iran-conflict

People & Organizations

Freddie MacAsociación Nacional de Agentes InmobiliariosBrad CaseAsociación de Banqueros Hipotecarios

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