Mortgage Rates Dip Amid Market Volatility
Key Points:
* Average 30-year mortgage rate declines to 6.89%
* 15-year mortgage rates fall to 6.05%
* Rates influenced by market volatility and potential tariff impacts
Market Factors:
* Trump administration's tariff plans trigger volatility
* Treasury yields fall, which typically impacts mortgage rates
* Economic concerns about tariffs potentially dampen rate decreases
Economic Indicators:
* Slowing growth in services sector contributes to lower yields
* Investors remain concerned about tariff-induced inflation and Fed rate-cutting plans
* Mortgage application activity mixed; refinancing increases, purchasing decreases
Upcoming Economic Data:
* Jobs report on Friday
* Inflation data on Wednesday
Analyst Comments:
* Freddie Mac's chief economist notes stable mortgage rates and firm economy
* Zillow economist Kara Ng highlights concerns over tariff impacts on economic growth
* Volatility in mortgage rates expected to continue amidst economic and policy shifts