Mortgage rates rose this week to their highest level in over a month, reversing a recent decline. The 30-year fixed rate jumped to 6.85%, fully erasing last week’s decrease. This increase is attributed to changes in the bond market, following a period of volatility. Last week, rates dropped after President Trump announced global tariffs, causing investors to turn to the bond market for safety. However, rates have since rebounded as officials discussed tariff negotiations. Despite the initial drop last week, housing market experts remain cautious about the potential impact on the spring market, citing high home prices and economic uncertainties. Pending home sales have only seen a modest increase despite the decline in mortgage rates earlier this year. Economists are hopeful that a significant decline in rates could help stimulate both demand and supply in the housing market. The next significant move in mortgage rates could be influenced by upcoming economic data releases, such as the consumer price index and producer price index reports. Overall, the housing market is facing challenges despite recent rate fluctuations, and experts are closely monitoring economic indicators for future trends.
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