Since the start of the Iran war, mortgage rates are climbing

By Mark Huffman of ConsumerAffairs

• Median U.S. mortgage payment rose to $2,742, up 0.4% year over year the first increase in nearly six months.
  

• Mortgage rates climbed to a six-month high, with daily averages reaching as high as 6.64%.
  

• Home prices increased 2.1% annually, contributing to worsening affordability and slowing buyer activity.
  

Home affordability just got a little worse. The reversal in mortgage rates, combined with still-rising home prices in some markets, pushed monthly payments up for the first time in nearly half a year, according to a new report from Redfin.

In March, the median monthly mortgage payment reached $2,742, marking a modest 0.4% increase from a year earlier, but reversing a roughly six-month trend of flat or declining costs.

The uptick comes as borrowing costs surged in recent weeks. The average mortgage rate climbed to a six-month high of about 6.38%, with daily averages hitting as much as 6.64% toward the end of the period analyzed.

Home prices are still rising

At the same time, home prices also moved higher. The median sale price rose 2.1% year over year during the four weeks ending March 29 the largest increase in roughly a year adding further pressure on buyers already contending with elevated financing costs.

Redfin attributed much of the recent increase in mortgage rates to rising oil prices and broader economic uncertainty tied to the ongoing conflict in Iran. Those factors have pushed up bond yields, which heavily influence mortgage rates.

Because of higher costs, there is less demand. Pending home sales fell 1.2% compared with a year earlier, while mortgage purchase applications declined 3% week over week, signaling reduced buyer activity.

Homes are also taking longer to sell, with the typical property spending 53 days on the market five days longer than a year ago.

Buyers pull back as supply builds

Spring is the most active season for home sales, but affordability challenges appear to be sidelining many would-be buyers, even as the number of homes for sale increases. New listings rose 1.7% year over year, contributing to a growing imbalance between supply and demand.

Redfin reported a gap of roughly 630,000 more sellers than buyers the largest on record dating back to 2013 highlighting a shift in market dynamics that could give remaining buyers more negotiating power.

Heres what it means for consumers

By Mark Huffman of ConsumerAffairs

• Google agreed to a $135 million settlement to resolve claims related to user data privacy violations.
  

• Eligible users may receive direct payments or credits, depending on how their data was affected.
  

• The settlement also requires Google to change certain data collection and disclosure practices.
  

While the company has not admitted wrongdoing, the settlement aims to compensate affected users and address concerns about transparency.

Who is eligible?

The settlement is expected to benefit millions of users whose data may have been collected or shared without sufficient disclosure. While final eligibility criteria will be outlined in court-approved documents, affected individuals are generally those who used certain Google services during a specified time period tied to the claims.

This could include users of products such as Google Search, Chrome, or location-based services, depending on the scope of the lawsuit.

How compensation will work

Consumers who qualify will likely need to submit a claim through a settlement website. Payments are expected to vary based on:

• The number of valid claims submitted
  

• The extent of each users interaction with the services in question
  

• Administrative costs and legal fees deducted from the total fund
  

In similar settlements, individual payouts often range from modest cash payments to account credits or other forms of compensation. In some cases, users who do not file a claim may still benefit indirectly through changes to company practices.

Changes to Googles practices

Beyond financial compensation, the settlement requires Google to modify how it handles user data. These changes may include:

• Clearer disclosures about what data is collected and how it is used
  

• Enhanced user controls over privacy settings
  

• Limits on certain types of data tracking or retention
  

Advocates say these provisions are just as important as the monetary component, as they aim to prevent similar issues in the future.

The settlement still requires final court approval. If approved, eligible users will be notified typically via email or public notices with instructions on how to file a claim.

Consumers are encouraged to watch for official communications and avoid third-party sites that may attempt to exploit interest in the settlement.