Mortgage rates experienced a slight decline this week, attributed to market relief after President Trump suspended severe tariffs on Canada and Mexico. The average rate for a 30-year fixed mortgage fell from 6.95% to 6.89%, with last year's rate at 6.64%. Freddie Mac's Chief Economist noted an increase in purchase applications, suggesting underlying market demand. Analysts warn that persistent high rates, hovering around 7%, are a result of uncertain economic conditions, particularly regarding inflation and government deficits impacting bond yields.
"Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market."
Collection
[
|
...
]