Mortgage rates in the US have increased for the fifth consecutive week, reaching levels not seen in nearly seven months, with the average 30-year mortgage rate now at 6.46%. This rise is largely attributed to ongoing worries about the Iran war, which is contributing to higher costs for homebuyers and cooling demand in the housing market. Recent reports show a significant drop in mortgage applications and a decline in refinance demand, as buyers face escalating monthly payments due to these increased interest rates. Experts indicate that the current climate presents challenges for the upcoming spring homebuying season, as rising rates and housing affordability issues complicate the market.