US mortgage rates climb for fifth-straight week, pushed up by Iran war worries | CNN Business

Average US mortgage rates climbed again for the fifth week in a row, making homebuying more expensive than it was just a few weeks ago, before the outbreak of war with Iran. The average 30-year fixed mortgage rate rose to 6.46% this week, jumping from 6.38% the previous week and reaching the highest level in seven months, according to Freddie Mac. The rise may be unwelcome news for those hoping to buy a home this spring, typically the busiest time of year for the housing market. During the last week of February, before the US-Israeli attack on Iran, the average 30-year mortgage rate was 5.98%. Kara Ng, senior economist at Zillow Home Loans, said the mortgage-rate shock, fueled by bond market turmoil linked to the war in Iran, could stall the spring housing market if the conflict drags on. “If the situation resolves quickly, it’ll be early enough in the home shopping season for catch-up activity,” Ng said. The longer the war drags, though, the more homebuyers could push off until next season, she added. Recent volatility in mortgage rates appears to be giving buyers and homeowners pause. Purchase applications fell 3% last week, while refinance applications dropped 17%, accordi