Month high as Iran war drags on

The average rate on the popular U.S.

30-year fixed-rate mortgage has surged to a six-month high, as escalating oil prices, fueled by the ongoing Middle East conflict , intensify inflation concerns.

Mortgage finance agency Freddie Mac reported Thursday that the 30-year fixed mortgage rate now averages 6.38 percent, marking its highest point since early September.

This represents an increase from 6.22 percent last week and signifies the fourth consecutive weekly rise, undermining efforts by the Trump administration to enhance housing affordability.

The rate had previously dropped to 5.98 percent on the eve of the Iran war , following a directive from Donald Trump for Freddie Mac and Fannie Mae to expand their purchases of mortgage-backed securities.

Since the conflict began at the end of February, oil prices have climbed by more than 30 percent, consequently boosting U.S.

Treasury yields, which mortgage rates typically track.

Housing affordability has emerged as an increasingly significant political issue in the lead-up to the November midterm elections.