Mortgage rates topped 7 percent Friday amid a bond market selloff as markets absorbed the latest developments in U.S. trade policy and global responses.
The average rate on a 30-year fixed mortgage jumped 13 basis points to 7.1 percent, the highest since February, according to Mortgage News Daily.
Experts say the move up in mortgage rates is poised to reverberate through the housing market. After three consecutive weeks of rate declines in March, mortgage applications briefly surged during the week ended April 4, with the Mortgage Bankers Association reporting a 20 percent increase—the highest level since September 2024.
With rates climbing again, prospective homebuyers are growing more cautious, according to Redfin, which predicted on April 10 that the improvement in demand is “unlikely to last.”...
