Global Housing Under Pressure: Rising Mortgage Rates and Economic Uncertainty Force Market Corrections

Mortgage rates are hovering near 7% globally, forcing housing markets from the US to Australia to navigate a sharp correction that threatens to stall a brief mid-summer recovery. The US 30-year conforming rate sits at 6.91%, according to HousingWire, while Zillow’s July data shows home sales surged 7% year-over-year — the strongest gain of 2026. But that momentum is already fading as rates climb, with Zillow warning that July may represent the peak for the entire...