MBA: US mortgage rates climb to 7.12% amid Iran war
Mortgage rates in the US have climbed to 7.12%, making it tougher for anyone looking to buy a home right now.
The jump, reported by the Mortgage Bankers Association, is tied to rising energy costs and inflation worries sparked by the ongoing Iran war.
With home prices already high and sales slowing down, this rate hike is adding extra pressure on buyers.
US mortgage applications and refinancing decline
Higher rates are putting a real dent in demand: Mortgage applications just dropped to their lowest in four weeks, with refinancing at its weakest since early 2025.
Even experts like Redfin's Daryl Fairweather say that crossing the 7% mark could make buyers think twice about entering the market.
Home sales and builder confidence have both taken a hit, and these higher rates aren't expected to go away soon.