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U.S. Mortgage Rates Jump to 6.83%, Marking Largest Weekly Increase in a Year

The sharp rise, tied to bond market volatility from trade tensions, comes as spring homebuying demand remains strong.

Overview

  • The average 30-year fixed mortgage rate climbed to 6.83% for the week ending April 17, the highest level since late February.
  • This marks the largest one-week increase in mortgage rates in nearly a year, up from 6.62% the previous week.
  • Rates on 15-year fixed mortgages also rose, reaching 6.03%, compared to 5.82% last week.
  • The rise in mortgage rates follows a spike in the 10-year Treasury yield to 4.5%, driven by a sell-off in bonds linked to escalating U.S.-China trade tensions and new tariffs announced by the Trump administration.
  • Despite higher borrowing costs, spring homebuying demand remains resilient, with purchase applications 13% higher than this time last year.