Mortgage rates in the United States have surged to 7.03% on 30-year loans, marking a significant challenge for homebuyers and the residential market. Geopolitical tensions, including Middle East conflicts, are exerting downward pressure on economic conditions and bond yields. This escalation intensifies affordability concerns for prospective purchasers already struggling with elevated housing costs. Market analysts attribute the spike to broader macroeconomic uncertainties, which continue to reshape borrowing conditions and dampen demand across the real estate sector.

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