6.46 percent is the latest 30-year fixed mortgage rate, up from 6.38 percent last week and the highest since September 2023. This jump follows the 50 percent surge in oil prices since February, driven by the Iran conflict, which also pushed gasoline to $4.08 a gallon. Rising energy costs are fueling inflation fears, with the OECD projecting U.S. inflation to hit 4.2 percent this year. Eugenio Alemán warns that as long as petroleum prices remain volatile, mortgage rates will stay elevated.

The housing market, already strained by pandemic-era rate hikes, now faces renewed pressure as affordability plummets. Homeowners with locked-in low rates are reluctant to refinance, while potential buyers face steeper borrowing costs. Heather Long notes the Iran war has "halted momentum" in cooling home prices and improving mortgage affordability. The conflict’s impact on energy markets continues to ripple through the U.S. economy, with implications for consumer spending and housing demand.