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Mortgage rates continue their ascent but remain below last month’s levels

“Mortgage rates rose this week, riding strong Chinese economic data to their highest levels in almost a month,” said Matthew Speakman, a Zillow economic analyst. “Weak data and concerns over slowing growth in China and Europe have been central to the patient economic approach taken by the Federal Reserve in recent months. But recent releases showing encouraging trends in Chinese lending, trade and economic growth after months of weakness emboldened markets to pursue riskier assets, pushing bond yields and mortgage rates upwards.”

The 30-year fixed rate has moved higher three weeks in a row but still remains below where it was at the end of March. Speakman said modest increases could continue if favorable economic news persists, but he doesn’t expect rates to take off in the near future.

“Without evidence of a meaningful uptick in U.S. inflation, it is unlikely that mortgage rates will see any substantial increases anytime soon,” Speakman said.

Spring buyers gear up as mortgage rates hover near recent lows

In fact, according to the Mortgage Bankers Association, there were more applications for smaller purchase loan sizes – a positive sign that first-time buyers are looking to enter the market. The MBA expects a further decline in rates, in combination with strength in the labor market, to boost purchase activity this year.

Lawrence Yun, chief economist at the National Association of Realtors, told FOX Business he expects to see “very solid” activity this spring buying season – thanks in part to those lower rates and more moderate price increases.


Robert Dietz, chief economist for the National Association of Homebuilders, told FOX Business that the decline in rates can partly be attributed to the Federal Reserve’s decision to pause interest rate hikes in 2019. Dietz, however, cautioned that first-time buyers will likely continue facing affordability challenges as inventory remains constrained, despite a reprieve on the interest rate side of the equation.

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