Overview

• The average 30-year fixed mortgage rate declined to 6.64% this week, down from 6.65% last week, according to Freddie Mac.
• The Trump administration's recent tariff announcement has caused market volatility, driving down 10-year Treasury yields, which influence mortgage rates.
• Despite the slight drop in rates, housing affordability remains a major issue, with home prices and monthly payments near record highs.
• Purchase mortgage applications rose by 2% last week, while refinancing applications fell by 6%, reflecting mixed borrower responses to current conditions.
• Inventory levels have increased, but much of the supply is priced out of reach for many buyers, exacerbating affordability challenges.