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3w ago

Mortgage Rates Hold Steady After Recent Surge, Refinance Costs Ease Slightly

U.S. 30-year mortgage rates remain at 7.06%, while refinancing rates dip to 7.24%, reflecting sustained market volatility influenced by bond yields and recent tariff actions.

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Modest mortgage rates improvement has spurred some recent boosts for the slumping markets with more applications for mortgages. The Mortgage Bankers Association reported this week that purchase applications increased by 20% for the week ending April 4, the highest level since 2024. (AP file/Ted Shaffrey)
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Overview

  • The 30-year fixed mortgage rate stabilized at 7.06% following a significant three-day increase, reaching its highest level since mid-January.
  • Refinance rates for 30-year mortgages eased slightly to 7.24%, remaining near a three-month high after a sharp climb earlier this week.
  • Tariffs on Chinese imports, set at 145%, have contributed to volatility in bond markets, which in turn is driving fluctuations in mortgage rates.
  • Federal Reserve policies, including a recent decision to hold rates steady, continue to exert indirect upward pressure on mortgage rates.
  • Regional disparities in refinancing rates persist, with averages ranging from 7.01% to 7.35%, depending on state-specific lending conditions.