The average 30-year fixed mortgage rose to 6.38 percent this week, after steadily climbing for the past four weeks since Trump launched his military campaign in Iran, CNN Business reported Thursday. It was the largest single-week increase since Trump’s Liberation Day tariffs shocked the economy last April.
Mortgage rates are tied to the 10-year Treasury yield as well as concerns about inflation. Last week, the yield on a 10-year Treasury note rose to 4.39 percent, its highest rate since July. Trump’s recent contradicting statements about a potential ceasefire in Iran have only driven yields higher to 4.44 percent on Monday, threatening home sales as spring arrives. Concerns about rising inflation have only deepened as the Strait of Hormuz remains shuttered. At the same time, foreclosure rates are also increasing in another troubling sign for home owners.
Clearly, Trump’s war is already having dire economic consequences for average Americans, and those factors won’t be easily reversed.
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