US 30-Year Mortgage Rate Hits 7.03% as Iran Conflict Pressures Housing

The average US 30-year mortgage rate rose to 7.03%, up from recent levels, as the Iran war drives bond yields higher and exacerbates an already weak housing market. The rate increase reflects market pricing of geopolitical risk and inflation, further straining affordability. The development signals a continued tightening of financial conditions for US households.