7% Mortgage Rate Smashes Through as Iran War and Fed Hikes Deepen U.S. Housing Crisis

The 30-year fixed mortgage rate hit 7.03% this week—its first breach of the 7% threshold since January 2025 and the culmination of five consecutive weekly increases. Freddie Mac data shows the average rate jumped from 6.95% last week, with the increase coming after the Federal Reserve hiked interest rates for the first time since 2023, raising its benchmark to a range of 3.75% to 4%. The Iran war continues to roil global markets, pushing Brent crude above $105...