Millennials' mortgage problem

Today's first-time buyers could still be paying off their mortgages after they retire. The typical buyer is now a 40-year-old millennial, according to the National Association of Realtors. First-time buyers used to be more than a decade younger.

Buying at 40 instead of 30 can cost "roughly $150,000 in equity on a typical starter home," said Shannon McGahn, the association's chief advocacy officer. Buyers lose 10 years of payments that would have shrunk their loan and 10 years of rising prices that would have made their house worth more.

Higher house prices have already forced millennials to rent for longer. They watched the typical U.S. house nearly double in price from 2016 to 2024, according to the Federal Housing Finance Agency. When they did bid on a house, they often lost to longtime owners paying all cash from the sale of their own homes.

Some millennials could have to work into their 70s to cover their mortgage payments. Older owners can borrow against a nearly paid-off house through a reverse mortgage, but millennials will still owe too much at 65 to do the same.

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Investors are betting that Washington and Tehran can end their conflict at the negotiating table. U.S. crude fell below $100 a barrel on Monday after both governments signaled they're open to a deal.

Secretary of State Marco Rubio said over the weekend that President Donald Trump would prefer to end the conflict peacefully. Iranian President Masoud Pezeshkian said his government wants to settle its disputes through negotiation. Foreign Minister Abbas Araghchi added that a deal is possible if Washington "demonstrates goodwill."

Worries about escalation had driven much of oil's recent rise. Brent crude, the global benchmark, topped $110 a barrel last week. In return for a deal, Iran wants the U.S. to lift sanctions, shrink its military presence in the region, and end its blockade.

The threat of more fighting hasn't gone away. Trump has reportedly said he won't attack Iran before Tuesday's midterm elections. Yet the U.S. has also reportedly told several Gulf Arab states to prepare for a possible brief but intense military campaign after the vote.

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