Mortgage Rates Hit Three-Month High as Iran War Rattles Spring Housing Market

Market Overview - Mortgage rates in the U.S. have reached a three-month high of 6.22% for the week ending March 19, up from 6.11% the previous week, adding pressure to the housing market as the spring buying season begins [5] - Mortgage applications have fallen nearly 11% from the prior week, and new single-family home sales dropped nearly 18% in January from the previous month, down 11.3% from a year earlier [3] Economic Impact - The Federal Reserve has maintained interest rates at 3.5%–3.75%, citing uncertainty regarding the implications of developments in the Middle East for the U.S. economy [3] - The 10-year Treasury yield, which influences mortgage rates, increased to 4.26% from 3.96% following the outbreak of the Iran conflict, tightening global energy supplies and raising inflation expectations [4] Company-Specific Developments - Opendoor Technologies' shares fell 4.14% to $5.33 as investors considered the impact of rising mortgage rates on housing turnover and transaction volumes [1] - In pre-market trading, shares of Rocket Companies were down 0.68% at $14.55, while DocuSign fell 0.23% to $47.64, and Zillow Group dropped 1.51% to $45.57 [2]