Mortgage Rates Tick Up Amid Iran Tensions
Mortgage rates ticked up this week, with the average 30-year fixed loan reaching 6.11%, up from 6% last week. Despite the increase, rates remain lower than a year ago. Existing home sales surged in February, and purchase applications rose too, indicating buyer confidence. However, oil prices are rising due to Iran tensions, causing inflation worries and lifting Treasury yields. This is overshadowing softer economic signals, such as a drop in jobs and steady inflation. Analysts suggest that under normal circumstances, weak jobs data would ease rates, but the Middle East situation is currently driving the market.
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