From Yahoo Finance: 2025-03-20 12:00:00

Mortgage rates remained stable this week, with the average 30-year rate at 6.67% and 15-year rate at 5.83%. Rates have hovered between 6.6% and 6.7% due to uncertainty over Trump’s tariff policies. The Fed kept interest rates unchanged and forecasted 50 basis points of rate cuts later this year. Mortgage applications for home purchases were flat, while refinancing applications fell 13%.

Central bank officials revised inflation expectations higher while lowering economic growth outlook. Fed Chairman Powell highlighted uncertainty around Trump administration policies. The Fed doesn’t directly control mortgage rates, which move based on expectations about future Fed decisions. Mortgage demand has increased as rates fall, but some homebuyers are waiting for bigger rate declines.

Despite stable mortgage rates, home sales rose 4.2% in February to a seasonally adjusted annual rate of 4.26 million. Unsold inventory of existing homes also increased. Claire Boston covers housing, mortgages, and home insurance for Yahoo Finance.



Read more at Yahoo Finance: Mortgage rates remain near 6.7% as Fed flags growing economic uncertainty