The average U.S. mortgage rate for a 30-year fixed mortgage has climbed to 6.37%, up from 6.26% the previous week, as inflation fears and escalating oil prices linked to the ongoing conflict in Iran exert pressure on the housing market. The 15-year fixed mortgage rate also increased to 5.72% from 5.64% last week, reflecting a year-over-year rise from 5.89%. Experts indicate that these rising rates are making homes less affordable, particularly impacting the spring homebuying season, which is typically the busiest time for real estate sales. The housing market has been in a slowdown since 2022, driven by increasing mortgage rates following pandemic-era lows. Lisa Sturtevant, chief economist at Bright MLS, noted that hopes for rates dropping below 6% have diminished, and buyers may continue to face elevated rates through the summer months. Despite the decline in buyer demand, housing inventory is improving, with a 4.6% increase in homes available for sale compared to last year. Many sellers are adjusting their asking prices downward as the market softens, with listing prices falling for six consecutive months. Overall, the combination of inflation concerns, rising Treasury yields, and economic uncertainty is keeping mortgage rates high, complicating the housing landscape for potential buyers.