Mortgage rates surpass 7% for first time in 2 years amid inflation, Iran war

The 30-year fixed rate mortgage in the US has surpassed 7% for the first time in two years, according to CBS News. This increase is attributed to inflation and tensions between the US and Iran.

Oil prices have been fluctuating due to the tensions between Washington and Tehran. According to Investing.com, Brent Oil Futures and West Texas Intermediate crude futures saw significant gains on Wednesday, with Brent crude futures settling nearly 4% higher and WTI crude climbing nearly 2%. However, prices slipped in Asian trading on Thursday.

The conflict between the US and Iran remains a key focus for oil markets, with the Strait of Hormuz handling roughly one-fifth of global oil and gas shipments. Iranian President Masoud Pezeshkian has stated that Iran remains open to diplomacy, while US President Donald Trump has warned of potential consequences if a deal is not reached.

Brief written by urgent.news from CBS News, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.