Mortgage rates reach new high since start of war in Iran

Mortgage rates are now at their highest level in months. Freddie Mac reported on Thursday that the average rate for a 30-year fixed mortgage rose to 6.46% just as the spring buying season gets underway. Those rates had dipped recently below 6% to levels not seen since 2022 — until the war started in Iran. Now fewer people are applying for home loans, according to the Mortgage Bankers Association, and the typical mortgage payment is inching up, per a study from real estate company Redfin.