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Mortgage rates increased slightly in April, with the average 30-year fixed-rate mortgage landing at 6.73%, according to Freddie Mac.
An analysis from the National Association of Home Builders notes the rising rates followed a sell-off in U.S. Treasury securities, driven by concerns following the impact of tariff decisions in the country and around the world.
The uptick marks an 8-basis-point (bps) increase from March, and the 15-year fixed-rate mortgage increased by 7 bps to 5.90%.
U.S. President Donald Trump has asked Federal Reserve Chair Jerome Powell to cut interest rates in response to rising yields, to which he responded with a warning.
“Tariffs are highly likely to generate at least a temporary rise in inflation,” says Jerome Powell, Federal Reserve chair. “Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.”
