Mortgage rates surpass 7% for first time in 2 years amid inflation, Iran war
The 30-year fixed-rate mortgage in the U.S. has surpassed 7% for the first time in two years. Key drivers for the increase include inflation and geopolitical tensions involving Iran. Financial analysts are currently examining the causes behind this recent spike in interest rates.
The 30-year fixed rate mortgage in the U.S. has gone over 7% for the first time since May 2024. CBS News business contributor Javier David breaks down what's driving the spike.
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