Overview

• The 30-year fixed mortgage rate held steady at 6.64% this week, while the 15-year rate dropped to 5.82%.
• Purchase application demand has reached its highest growth rate since late 2024, reflecting borrower confidence in stable rates.
• Refinancing applications declined by 6% last week, highlighting limited opportunities for refinancers despite rate stability.
• President Trump's new tariffs have caused a stock market sell-off and a drop in Treasury yields, which could impact future mortgage rates.
• Economic indicators, including contracting manufacturing activity and a drop in job openings to a near four-year low, suggest a slowing economy.