The US housing market was supposed to turn a corner this year, but economic uncertainty and a jump in mortgage rates fueled by the US-Israeli war in Iran are complicating affordability for American homebuyers.
After years of sluggish sales, economists expected 2026 to bring lower mortgage rates and more homes for sale, breathing new life into the market after home transactions fell to 30-year lows last year.
But the average 30-year fixed mortgage rate rose to 6.38% this week, climbing for the fourth-straight week to levels not seen in more than six months, according to data released Thursday by Freddie Mac.
It’s the