U.S. Housing Market Faces Rising Mortgage Rates Amid Iran Conflict
The ongoing conflict with Iran has led to a rise in mortgage rates in the United States, impacting the housing market. As energy prices surge due to the conflict, concerns about inflation have increased, causing the yield on U.S. 10-year Treasury bonds to rise. This, in turn, has pushed mortgage rates higher, with the average rate on a 30-year mortgage climbing to 6.46%, the highest in nearly seven months. Despite this, the housing market is showing signs favorable to buyers, with an increase in active listings and a decrease in median listing prices in many major metro areas. In February, active listings rose by nearly 8% compared to the previous year, with significant increases in the West, Midwest, and South. This has created a more competitive environment for sellers, who are now more likely to offer concessions to buyers. 
