US mortgage rates drop below 6% for the 1st time in nearly 4 years
In an aerial view, two-story single family homes line the streets of neighborhood on January 13, 2026 in Thousand Oaks, California. (Kevin Carter/Getty Images)
(NEW YORK) — The rate on a 30-year fixed mortgage dropped below 6% for the first time in nearly four years, according to new data from Freddie Mac.
Rates have been hovering around 6% this year and averaged 6.76% last February.
“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week’s milestone,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season.”
This is a developing story. Please check back for updates.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Photo by Spencer Platt/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average plummeted more than 650 points in early trading on Friday as the Iran war continued to spike oil prices.
The Dow fell 657 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1%.
In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.
Trump said there would be “no deal with Iran except UNCONDITIONAL SURRENDER!”
Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.
U.S. crude oil prices topped $88 on Friday, marking a staggering 35% increase from a week earlier.
The stock selloff on Friday extended losses from a day earlier, when the Dow closed down 785 points.
This is a developing story. Please check back for updates.
A trader works on the floor at the New York Stock Exchange (NYSE) in New York, US, on Monday, April 6, 2026. Signs of last-ditch efforts to secure a truce in the war that has rattled global markets spurred a cautious advance in stocks as oil retreated. (Photographer: Michael Nagle/Bloomberg via Getty Images)
(NEW YORK) — Stocks soared and oil prices plunged in early trading on Wednesday, just hours after the U.S. and Iran announced a two-week ceasefire.
The Dow Jones Industrial average surged 1,215 points, or 2.6%, while the S&P 500 climbed 2.5%. The tech-heavy Nasdaq jumped 3.4%.
As part of the accord, Iran says it will allow tankers passage through the Strait of Hormuz, a vital shipping route for oil and gas, as long as they coordinate with the nation’s military. Investors appeared optimistic that the agreement would ease one of the worst global oil shortages in decades.
U.S. oil prices plummeted 18% on Wednesday, registering at about $92 a barrel. Still, the price of oil remained well above pre-war levels of about $67 a barrel.
President Donald Trump touted the ceasefire in a social media post on Wednesday, saying there would be “no enrichment of Uranium,” despite the Iranians claiming that the U.S. agreed to its plan, which includes numerous concessions.
The president added that “the United States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust.'”
The Iranian Supreme National Security Council’s statement on Tuesday included “acceptance of enrichment” in its 10-point plan.
Investors will likely pay close attention to a potential uptick in tanker traffic through the Strait of Hormuz.
Typically, scores of ships carry a fifth of the world’s oil through the strait each day, but Iran effectively closed the passage over the course of the war. That oil shortage sent crude prices soaring, and it threatened far-reaching price increases that some economists feared could tip the U.S. economy into a recession.
ABC News’ David Brennan, Jon Haworth and Nadine El-Bawab contributed to this report.
Traders work on the floor of the New York Stock Exchange. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Stocks tumbled on Monday as oil prices climbed in response to the U.S.-Israeli war with Iran.
The Dow Jones Industrial Average fell 460 points, or 0.9%, while the S&P 500 dropped 0.5%. The tech-heavy Nasdaq inched down 0.2%.
The major indexes recovered some of their earlier losses on Monday, however, after oil price hikes cooled. Oil markets settled amid a meeting among Group of Seven (G7) finance ministers about a possible coordinated release from their respective strategic petroleum reserves.
The G7 announced on Monday its decision to forego a release of reserve oil at this time, but markets appeared to view the group as willing to take such action.
The Dow fell as much as 750 points on Monday morning, before paring some of its losses in the afternoon.
Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 0.6%.
Oil prices climbed as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
U.S. crude oil prices hovered at about $95 per barrel on Monday afternoon, which marked a nearly 5% hike. Since a month ago, oil prices have soared a staggering 50%.
Oil prices climbed as high as nearly $120 per barrel overnight, but retreated after the Financial Times reported G7 finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.
After the meeting, oil prices fell further but remained higher than where they stood a day prior.
The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.
In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.
Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.
This is a developing story. Please check back for updates.
