Mortgage rates hit 2026 high

(CNN)– If you’re thinking of buying or selling a home, it’s going to cost you more to borrow money.

The average rate for a 30-year mortgage is now at 6.71%, according to Freddie Mac.

That’s the highest level of the year.

A big reason for the jump is the global sell-off in the bond market.

The bond market is impacted by investor concerns about several issues that includes the U.S. conflict with Iran and the economic impact of higher energy costs.