Mortgage rates

Pricing on the 30-year fixed rate mortgage retreated this week as investors digested some economic news, including a GDP contraction in the first quarter.

While the 30-year rate landed near its level of a week ago, it ended up there only after political developments led to up-and-down swings in Treasurys.

The 30-year fixed rate mortgage average rose 21 basis points this week, lagging other indicators, which are all now lower than seven days ago.

Pres. Trump's decision to pause most of the tariffs has sparked a rally in the stock market, but the 10-year yield, while off of its peak, remains higher.

If mortgage rates drop into the low 6% range, there will be a retention opportunity on 5.4 million loans that have interest rates starting at 6.5%.

Mortgage rates remain in the 6.6% range, with the tariff news so far having little impact, but could change given the 35 basis point drop in the 10-year yield.

The good news in the Consumer Price Index report has not carried over to the 10-year Treasury yield and thus mortgage rates, Freddie Mac found.

For the first time in almost two years, mortgage products available for consumers are at a level established in 2012.

Independent monetary policymakers have resisted President Trump's call to lower financing costs but could find it harder to ignore employment losses.

The potential impacts of import tariffs cloud the outlook, though, and could lead mortgage rates to surge and fall throughout the coming year.