Here's How the Middle East War Could Impact Your Mortgage Rate

The average 30-year fixed mortgage rate fell below 6% in recent weeks, the first time it dipped below that threshold in more than three years, giving prospective homebuyers hope that the price of homeownership was finally coming within reach and the housing industry hope that the long-frozen housing market might begin to thaw.Unfortunately, that lower rate didn't last long, and rates are now headed back up. The 30-year fixed-rate mortgage -- the standard home loan for most Americans -- dropped to 5.98% in the last days of February, after hovering at or above 7% for several years. But the mortgage rate has now risen for two weeks in a row and is back up to 6.11%. Last week saw the biggest increase in the 30-year rate in a year.What happened? Basically, a war broke out in the Middle East on Feb. 27.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool