U.S. mortgage rates surge to five-month high, highlighting the expanding economic impact of the conflict with Iran.

Mortgage rates in the United States have risen for the third consecutive week, pushing housing financing costs to the highest level since October last year and impacting home buying and refinancing activities. According to data released by the American Bankers Association on Wednesday, the 30-year fixed mortgage contract rate rose by 13 basis points to 6.43% for the week ending March 20. Over the past three weeks, the rate has increased by a cumulative 34 basis points, marking the largest increase since November 2024. The association's home purchase mortgage application index dropped by 5.4% last week, the largest decline since January. Refinance applications, after a sharp drop the previous week, fell by 14.6% last week. The rising costs of housing financing and the slowdown in mortgage activities reflect the expanding economic cost of the conflict in the Middle East.