As markets respond to tariff uncertainty and a surprise surge earlier this week in the 10-year U.S. Treasury yield, a widely watched indicator of economic health, the average 30-year mortgage rate barely flinched, dipping just two basis points, but most importantly, remaining at a level that economists say is favorable to spring purchase activity.
The latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday shows the 30-year fixed-rate mortgage (FRM) averaging 6.62%, down two basis points from last week’s average of 6.64%.
“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”
The Mortgage Bankers Association (MBA) reported a 20% surge in home purchase applications and a 35% surge in refinance applications this week as rates reached their lowest point since October.
Realtor.com Senior Economic Research Analyst Hannah Jones, commented, “The 10-year treasury dipped below four percent last week as investors fled the stock market in search of higher ground after President Trump announced widespread tariffs. However, the 10-year surged this week as investors weighed the impact of hostile international relations and the potential slowdown in international trade. On Wednesday, President Trump paused some of the tariffs announced one week prior, citing the bond market as one reason for the about-face. All of the back-and-forth over the last week has left the market and consumers reeling, but mortgage rates have held relatively steady so far.”
Jones added, “Uncertainty is the latest buzzword in the housing market and economy more generally as consumers try to navigate the impact of recent tariff policy changes. A pause on the most severe tariffs is certainly welcome news, but consumers may be feeling justifiably fatigued. Households considering buying or selling might be hesitant to make this big financial decision unless absolutely necessary. The housing market has been in a bit of a holding pattern as still-high home prices and mortgage rates stifle buyer demand. A retreat in mortgage rates has not yet come to fruition, but could grease the wheels of the housing market.”
This week’s numbers:
- The 30-year FRM averaged 6.62% as of April 10, 2025, down from last week when it averaged 6.64%. A year ago at this time, the 30-year FRM averaged 6.88%.
- The 15-year FRM averaged 5.82%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.16%.
