US mortgage rates held steady this week, following President-elect Donald Trump’s Cabinet picks. The average 30-year mortgage rate decreased slightly to 6.81%, down from 6.84% a week earlier. Interest rates have been in the 6.8% range for four consecutive weeks.
Freddie Mac’s chief economist, Sam Khater, attributed the flat rates to market uncertainty about Trump’s economic policies. The selection of hedge fund manager Scott Bessent to lead the Treasury Department may moderate some of Trump’s policy ideas, but yields have been volatile. Policies like tariffs and tax cuts are seen as inflationary, requiring higher interest rates to avoid overheating the economy.
Despite rising mortgage rates, housing market activity remains resilient. Pending home sales jumped 2% in October from a month earlier, while mortgage applications trended higher last week.
Source: https://finance.yahoo.com/news/mortgage-rates-edge-lower-after-trump-picks-bessent-to-lead-treasury-170048815.html