DHS Says It Won’t Change a Thing After Admitted Error in ICE Arrests
In February, mortgage rates fell below 6 percent for the first time in three years, before escalating conflict in the Middle East shook the global economy.
Mortgage rates are tied to the 10-year Treasury yield as well as concerns about inflation. Last week, the yield on the 10-year Treasury note reached 4.39 percent, its highest rate since July. Trump’s recent conflicting statements on a possible ceasefire in Iran only pushed yields to 4.44% on Monday, threatening home sales as spring approaches. Concerns about rising inflation have only intensified as the Strait of Hormuz remains closed. At the same time, foreclosure rates are also increasing, which is another worrying sign for homeowners.
Meanwhile, financial services firm Goldman Sachs estimates that the global oil shock will cost the United States about 10,000 additional jobs per month through the end of the year, if the war ends after six weeks. As energy prices rise, consumers are expected to cut back on discretionary purchases, such as travel, hospitality and retail, and postpone long-term purchases like buying a home. Currently, there are not many signs that the war will resolve in the near future. This prediction comes after the United States created virtually no jobs in 2025 and February data revealed a shocking rise in unemployment.
