While the Iran war drives up oil prices and fuels inflation fears, the average rate of the most popular mortgage loan has reached its highest level since the beginning of September. This situation has also raised U.S. Treasury yields, which closely affect mortgage rates.<\/p>\n\n\n\n
According to a statement by the mortgage financing institution Freddie Mac on Thursday, the average interest rate for a 30-year fixed mortgage was 6.46% last week; this represents an increase of about half a point compared to the period just before the Iran war began on February 28.<\/p>\n\n\n\n
The conflict has effectively disrupted the shipment of about one-fifth of the world’s oil supply and a significant portion of the fertilizer supply thru the Strait of Hormuz. This situation has increased global concerns that higher energy and food prices would further raise overall prices and force central banks to tighten monetary policy. <\/p>\n\n\n\n
After President Donald Trump said on Wednesday that U.S. strikes would continue for a few more weeks and implied that he would leave the task of ensuring safe passage for ships thru the Strait of Hormuz to other countries, oil prices rose to about 10 per barrel. <\/p>\n\n\n\n
Mortgage rates are following the yield on the benchmark 10-year Treasury note, which has risen since the Middle East crisis began. High mortgage rates, which make homes less affordable for buyers, come at a time when the housing market typically enters its busiest buying and selling season. <\/p>\n\n\n\n
The Trump administration had sought to address affordability issues by allowing Freddie Mac and Fannie Mae to purchase mortgage-backed securities; this plan had helped lower the 30-year rate to 5.98% last month.<\/p>\n","protected":false},"excerpt":{"rendered":"
While the Iran war drives up oil prices and fuels inflation fears, the average rate of the most popular mortgage loan has reached its highest level since the beginning of September. This situation has also raised U.S. Treasury yields, which closely affect mortgage rates. According to a statement by the mortgage financing institution Freddie Mac<\/p>\n","protected":false},"author":2,"featured_media":284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[50,47,51,46],"class_list":["post-283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-homebuilding","tag-house-buying-in-the-us","tag-trumps-administration","tag-us-housing"],"_links":{"self":[{"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/posts\/283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=283"}],"version-history":[{"count":1,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/posts\/283\/revisions"}],"predecessor-version":[{"id":285,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/posts\/283\/revisions\/285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=\/wp\/v2\/media\/284"}],"wp:attachment":[{"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneysavingexpertus.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}