US Mortgage rates dropped Thursday after US President Donald Trump's sweeping tariffs announcement as markets brace for impact on global trade. According to the Federal Reserve Bank of St. Louis, the 30-year fixed mortgage rate fell to 6.64% on 3rd April, the lowest since October 2024. Meanwhile, the 15-year fixed loan rate declined to 5.82%.
US markets lost £1.53 trillion ($2 trillion) in value on the tariff announcement as benchmark indexes fell by over 4% in a single trading session. The equity selloff led investors to the bond market, causing bond yields to drop. Note that mortgage rates loosely follow the moves of the 10-year US Treasury yield.
