The conflict in Iran has added a new layer of volatility to an already sensitive mortgage market. As oil prices moved higher and investors recalibrated inflation expectations, mortgage rates followed with a noticeable jump in March and early April. Freddie Mac’s average 30 year fixed rate moved from 5.98 percent in late February to 6.46 percent by April 2, before easing to 6.37 percent by April 9. Mortgage News Daily also reported that top tier 30 year fixed rates rose about 0.65 percent in March before stabilizing in April.
That volatility matters, but it does not mean buyers should feel frozen. The bigger housing story is that inventory is improving, buyers are gaining more negotiating room, and properties are spending longer on market in many areas. At the same time, March existing home sales fell to a 3.98 million annual pace, while inventory rose to 1.36 million homes and the median price still climbed to $408,800. In other words, the market has become more selective, not unavailable.
The long view remains the most important one. Headlines can move rates quickly, but rates are not permanent. A mortgage can often be refinanced when conditions improve. The right property, however, may not come back. For buyers with strong fundamentals and a clear plan, this is still a market where patience, preparation, and perspective can create opportunity. If geopolitical pressure eases further, even modest rate improvement could help unlock stronger activity as we move deeper into the spring season.
• BBC
• Associated Press
• CNBC
• Hartford Courant
• Mortgage News Daily
• Freddie Mac
• National Association of Realtors
• Reuters
• Realtor.com
