Following the announcement of new global tariffs by President Trump, mortgage rates surged to 7%, significantly affecting stock markets, the bond market, and consumer confidence. Despite many tariffs being paused until July, elevated mortgage rates have caused a flat purchase lock count, down 10% year over year. A notable decline in adjustable-rate mortgages and refinance volume was observed. Economic uncertainty has led to a sizable percentage of potential homebuyers pausing large purchase plans, while consumer sentiment remains low, with only 26% deeming it a good time to buy a home.
Mortgage rates surged to 7% following new tariffs, impacting stock markets and consumer confidence while halting purchase lock counts.
Despite the tariffs being temporarily paused, the rise in mortgage rates has persisted, leading to fewer FHA loans and high refinance volume drops.
Only 26% of consumers surveyed believe it's a good time to buy, indicating a significant consumer confidence crisis in the housing market.
New data suggests that a majority of potential homebuyers have either delayed or canceled searches for significant purchases due to economic uncertainty.
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