Last week, Trump’s tariff announcement sent investors piling into U.S. Treasury bonds as a financial bunker. They are a safe haven for investors in tumultuous times from less stable investments such as stocks. When demand for bonds surges, their prices climb, and yields-like the 10-year Treasury-drop. Mortgage rates shadow these yields, so when the 10-year sank below 4%, mortgage rates hit their lowest this year, to a national average of 6.55%.

But today, April 7, 2025, that party crashed hard. Mortgage rates spiked-erasing Friday’s gains and jumping to the highest since late February in just 24 hours.

What changed? First, a debunked rumor of a 90-day pause sparked hope, but then reality hit, with no relief in sight and new fears of inflation from trade wars.

Today’s national average 30-year mortgage rate is ended at 6.82%