Mortgage rates typically follow the 10-year Treasury yield, which has surged by nearly 47 basis points since early April.
This uptick in yields has pushed mortgage rates closer toward 7%, a level that continues to weigh heavily on homebuyers. According to the National Association of Realtors, existing home sales fell by 0.5% last month, the weakest pace for April since 2009. Spring’s usual buying momentum has stalled amid economic uncertainty, policy volatility, and affordability challenges.
“If household uncertainty around jobs, investment portfolios and budgets eases, then home sales could be poised for a rebound in the months ahead,” said Kara Ng, a senior economist at Zillow. “However, the affordability advantage could diminish if mortgage rates continue to rise.”
Investor diversification on the rise
Dimon’s fiscal warnings have ignited broader concern that US investors may be…
