The article reports a significant rise in U.S. mortgage rates, with the average 30-year fixed rate jumping to 6.83% in mid-April, up from 6.62% the previous week—the largest weekly increase in nearly a year. This surge is attributed to volatility from President Trump’s trade policies and escalating tensions with China, which triggered a sell-off in U.S. bonds and pushed the 10-year Treasury yield to 4.5% (later easing to 4.3%). Despite the hike, rates remain below last year’s peak of 7.1%. Freddie Mac’s chief economist noted stronger spring homebuying activity compared to 2023, with purchase applications up 13%, signaling a robust start to the season despite higher borrowing costs.
Source: CNN
