US mortgage rates soar to a five-month high, highlighting the broadening economic impact of the Iran conflict

Gelonghui March 25｜US mortgage rates have risen for three consecutive weeks, pushing housing financing costs to their highest level since last October and dampening home purchase and refinancing activity. According to data released by the Mortgage Bankers Association on Wednesday, in the week ending March 20, the 30-year mortgage contract rate climbed by 13 basis points to 6.43%. Over the past three weeks, this rate has increased by a total of 34 basis points, marking the largest jump since November 2024. The association’s home purchase mortgage application index fell 5.4% last week, the biggest drop since January. After a sharp decline in the previous week, refinancing applications dropped another 14.6% last week. Rising housing financing costs and a slowdown in mortgage activity reflect the broadening economic impact caused by the conflict in the Middle East.