Mortgage rates sink on tariffs, but housing costs are still near a record high

by anastasiakaufman-chime-me

Published Thu, Apr 3 202512:56 PM EDTUpdated Fri, Apr 4 20258:43 AM EDT

By: Diana Olick

Mortgage rates tumble on tariffs, but housing costs still near record high
VIDEO03:17Mortgage rates tumble on tariffs, but housing costs still near record high

Mortgage rates fell sharply Thursday following the Trump administration’s tariff announcement.

The average rate on the popular 30-year fixed loan plunged 12 basis points to 6.63%, according to Mortgage News Daily. That put it at the lowest level since October.

The massive sell-off in the stock market early Thursday sent investors fleeing to the bond market. That caused bond yields to drop. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury, and they had been moving in a very narrow range since late February.

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