Rates Ticked Down To 6.62%

Mortgage rates went down last week, though their future remains uncertain.

Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.62%, down slightly from the week prior’s 6.64%. 

A year ago at this time, the 30-year fixed-rate mortgage averaged 6.88%.

Fifteen-year rates remained unchanged at 5.82%. Last year, they were at 6.16%.

“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”

But borrowing costs have spiked on a daily basis recently, jumping to nearly 7% as investors shed U.S. Treasury Bonds in reaction to President Trump’s back-and-forth tariff policies.

Trump on Wednesday announced a 90-day pause for tariffs on more than 180 countries. It excludes China, which now faces a 145% charge.

“It’s harder than usual to say where mortgage rates might go — we’ve got these factors that are pushing in opposite directions, and the news is changing very rapidly,” Realtor.com chief economist Danielle Hale told CNBC.