mortgage rates

The average 30-year fixed mortgage rate edged up to 6.66% last week, the highest in a year, reversing a decline that had briefly pushed rates below 6% in February

Single-family home construction spending is down 4% from last May, according to new Census Bureau data, as elevated mortgage rates and affordability pressures drag down demand.

Louis Tsien and Carole-Jean Smith bought their home in Watertown, Massachusetts in 1983, and, despite hiccups with the house over the years, they stayed firmly planted.

In late February, mortgage rates had dipped just below 6%, listings were rising, and affordability was beginning to improve. Then, the war in Iran introduced a new round of uncertainty and volatility.

While would-be buyers are facing economic uncertainty, would-be sellers can afford to hold out for more money.

In March, seasonally-adjusted sales of existing homes were down 3.6%, according to the National Association of Realtors.

Two days before the start of the war with Iran, mortgage rates dipped below 6% for the first time in three and a half years. Rates topped 6.5% this week.

Sales were down 17% from December. Blame lousy weather and rising mortgage rates.

Among affordability constraints and the high cost of labor and materials, experts say construction loans for builders could play a role, too.

Uncertainty and sudden conflict almost always make mortgage rates more volatile.