Recent tariffs have caused volatility in the mortgage market, with rates reaching 7% after a new global tariff announcement. A pause by Trump temporarily lowered rates, but threats of new tariffs have revived concerns. The loan product mix has shifted towards conforming loans as FHA loans declined slightly. U.S. citizen purchases increased to 93.4%, while non-citizen purchases decreased. Notable increases in lock volume were reported in major cities, with adjustable-rate mortgages declining and overall purchase pull-through rates increasing significantly.
After the April 2 announcement of a new global tariff regime, markets across the board dropped and rates jumped to 7%. Mortgage rates began to drop after Trump paused the tariffs.
Trump reignited the issue by threatening steep tariffs on Japan, South Korea, South Africa, Laos, Myanmar, Kazakhstan, and Malaysia.
The share of mortgages bought by U.S. citizens rose to 93.4%, while the shares bought by permanent residents and non-permanent residents fell.
Among the top 20 metropolitan areas, New York City accounted for the most lock volume at 5.2%, an 11.9% rise compared to May.
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