Lowest Mortgage Rates in More Than 5 Months

Yesterday afternoon's tariff announcement sent financial markets on a ride that ultimately resulted in sharply lower stock prices and moderately lower bond yields. Stocks don't always correlate with bond yields, but that has been a common pattern since late February. The correlation between bond yields and mortgage rates , on the other hand, is perpetual and nearly flawless. After all, "yield" is just another word for "rate."  Additionally, mortgage rates are based on mortgage-backed securities (MBS) which are basically bonds.  All that to say: rates have been benefitting from the market chaos that's been hurting stocks, and stocks got hurt quite a bit over the past 24 hours.  Considering the average 30yr fixed rate was already close to its lowest levels since mid October yesterday