Overview

• The 30-year fixed mortgage rate dropped to 6.63% this week, marking a notable decline from recent highs, though it ticked up slightly to 6.58% on Wednesday.
• Economic data highlights a slowdown, with February job creation falling to 77,000 from January's 186,000 and retail sales declining by 0.9% in January.
• Experts warn that ongoing tariffs and government job cuts are creating uncertainty, potentially leading to a recession in 2026.
• Mortgage application activity increased by 20.4% last week, reflecting consumer interest during the rate drop.
• Southern California economists predict stable or slightly rising home prices, with some forecasting mortgage rates in the mid-5% range by summer if economic conditions worsen.