local
Mortgage rates hit highest level since the start of the war with Iran
By CNN Newsource at KVIA ABC-7
· July 16, 2026
· 3 min read
By Samantha Delouya, CNN
(CNN) — Geopolitical tensions are rippling through America’s housing market, adding to the financial strain on homebuyers.
This week, the average rate on a 30-year fixed mortgage climbed to 6.55% — its highest level in nearly a year — after renewed strikes in Iran rat...
Key takeaway In February, the average mortgage rate briefly fell below 6% for the first time in three and a half years.
Why this matters in The El Paso
The surge in mortgage rates to 6.55% will likely have a disproportionate impact on first-time homebuyers in El Paso , who are already grappling with record-high national median home prices. As Lawrence Yun, chief economist of the National Association of Realtors, noted, the combination of high mortgage rates and home prices is creating a particularly challenging environment for those looking to enter the market. In El Paso, where the cost of living is relatively low, the effects of rising mortgage rates may be felt more acutely, as potential buyers may be priced out of the market or forced to consider smaller or less desirable homes. The decline in pending home sales and mortgage applications nationwide may also be mirrored in El Paso, potentially slowing the local housing market and affecting the city's overall economic growth.
About this story
Original reporting by KVIA ABC-7 . The El Paso surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit KVIA ABC-7 . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: July 16, 2026 ·
Source: KVIA ABC-7 ·
Reading time: 3 min
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What is this story about? By Samantha Delouya, CNN
(CNN) — Geopolitical tensions are rippling through America’s housing market, adding to the financial strain on homebuyers.
This week, the average rate on a 30-year fixed mortgage climbed to 6.55% — its highest level in nearly a year — after renewed strikes in Iran rat...
When was this published? This article was first published on July 16, 2026 by KVIA ABC-7 and curated for The El Paso readers.
Who reported this story? This story was reported by CNN Newsource at KVIA ABC-7. To learn more about how The El Paso selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from The El Paso, or browse our daily briefing and topic hubs .
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