The financial markets were all over the place this week.
Stocks dropped early on, and bonds weren’t spared either. As bond prices fell, yields jumped — pushing mortgage rates higher. The average 30-year fixed mortgage rate now sits at 7.1%, the highest level since February 19th.
But here’s the silver lining: Volatility works both ways.
Last Friday, the average rate had dipped to 6.55% — the lowest point so far this year. That drop sparked a surge in activity: mortgage applications jumped 20%, hitting their highest level since September 2024, while refinance demand soared 35% in just one week.
Savvy buyers should be ready to lock in lower rates during the dips as they move through the homebuying process.
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