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The average rate on a 30-year mortgage in the U.S. edged higher last week, ending a seven-week slide that helped ease borrowing costs for home shoppers leading into the spring homebuying season.
The rate averaged 6.65% this week, up from 6.63% last week, mortgage buyer Freddie Mac said. A year ago, it averaged 6.74%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also ticked up this week. The average rate rose to 5.8% from 5.79% last week. A year ago, it averaged 6.16%, Freddie Mac said.
After climbing to just above 7% in mid-January, the average rate on a 30-year mortgage declined through last week, echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
Tesla raises concerns over retaliatory tariffs
Elon Musk’s electric vehicle company Tesla has joined several other American businesses in raising concerns over retaliatory tariffs that could result from a trade war fueled by President Trump.
In an unsigned letter on Tesla letterhead addressed to the U.S. Trade Representative, Tesla warned that Trump’s actions to “address unfair trade practices” could “inadvertently harm U.S. companies.”
Trump imposed a 25% tariff on goods from Canada and Mexico in an effort to alleviate the “threat posed by illegal aliens and drugs,” according to a White House fact sheet.
The tariffs have triggered a trade war that threatens to raise the cost of a number of consumer goods.
Earlier this month, a trade group representing nearly all major automakers except Tesla said the tariffs on Canada and Mexico could lead to drastic price hikes and supply chain disruptions, Reuters reported.
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