US mortgage rates climbed to 6.38% for the fourth consecutive week, reaching a six-month high that threatens to derail the spring homebuying season. The sharp increase comes as geopolitical tensions from the Iran war rattle financial markets and drive investors toward safer assets.

Rising rates typically cool housing demand by making monthly payments more expensive for buyers. With the spring season traditionally a peak period for real estate transactions, this sustained rate hike could significantly reduce transaction volume. The timing is particularly problematic as many potential buyers had been waiting for seasonal price adjustments.

Market analysts note that the combination of higher borrowing costs and geopolitical uncertainty creates a challenging environment for both buyers and sellers. The 6.38% rate represents a substantial increase from recent months, potentially pushing some buyers out of the market entirely. This development adds another layer of complexity to an already volatile housing sector.