Mortgage rates barely budge despite a wild week for financial markets

Thu, Mar 13, 2025, 9:00 AM 1 min read

Mortgage rates were little changed this week, despite a steep stock market selloff brought on by President Trump’s rapidly evolving tariff policies and retaliatory moves from trading partners.

The average 30-year mortgage rate was 6.65% through Wednesday, according to Freddie Mac data, nearly flat from 6.63% a week earlier. Fifteen-year mortgage rates also showed little movement, rising a single basis point to 5.8%, from 5.79%.

Although they snapped a seven-week streak of moving lower, mortgage rates remain around a three-month low, encouraging more buyers to enter the market.

“Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

Mortgage demand is growing as the traditional spring homebuying season kicks off. Mortgage applications to purchase a home rose 7% through Friday from a week earlier, while refinancing applications jumped 16%, according to Mortgage Bankers Association data.

The MBA expects mortgage demand to stay steady throughout the spring if rates continue to fall.

"Every bit that rates drop not only brings buyers to market, but it could potentially unlock sellers too," said Leo Pareja, chief executive officer of eXp Realty.

Ten-year Treasury yields, which mortgage rates closely track, were volatile this week, falling steeply on Monday as jittery investors piled into safe-haven assets amid a 2.7% selloff in the S&P 500.

But they rose again after Trump implemented 25% tariffs on steel and aluminum imports, walking back an earlier threat of a 50% levy, and Consumer Price Index data showed easing inflation in February.

Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages, and home insurance.