Mortgage rates are surging, foiling homebuyers' best-laid plans

TL;DR

Mortgage rates have reached 6.46%, the highest since September 2025, impacting the spring homebuying season.
The Iran war is contributing to rising inflation concerns and government bond yields, which influences mortgage rates.
Higher borrowing costs are causing financial strain for prospective homeowners, with one individual facing an extra $265 per month.
The Federal Reserve is expected to keep its benchmark rate unchanged throughout 2026 due to persistent inflation.
Experts predict that higher rates will likely cause many buyers and sellers to withdraw from the market, potentially weakening demand.
Forecasts for home sales in 2026 have been downgraded from an 8% increase to a 5% increase compared to the previous year.

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