Ongoing uncertainty could cause rates to stay high, or increase further. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Both would be bad for mortgage rates.

A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.77%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.