{"id":79565,"date":"2025-04-04T12:17:13","date_gmt":"2025-04-04T19:17:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79565"},"modified":"2025-04-04T12:17:13","modified_gmt":"2025-04-04T19:17:13","slug":"purchasing-power-april-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/purchasing-power-april-2025\/","title":{"rendered":"Tariffs Push Mortgage Rates Down, Upping Homebuyers\u2019 Purchasing Power While Amping Economic Uncertainty"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Mortgage rates have dropped to their lowest level in six months in the aftermath of President Trump\u2019s newly announced tariffs. For weary homebuyers who have been waiting for a break in housing costs, the decline ups their purchasing power.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget can afford a $458,750 home with a 6.55% mortgage rate, the daily average on April 4. That\u2019s the lowest <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">daily average mortgage rate<\/span><\/a><span style=\"font-weight: 400;\"> in six months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The decline in rates is giving homebuyers more purchasing power. In the last eight days alone, a buyer on a $3,000 budget has gained roughly $9,000 in purchasing power, as rates fell from 6.82% on March 27 to 6.55% on April 4.\u00a0 A buyer on a $3,000 budget has gained $25,000 in purchasing power since mid-January, when mortgage rates hit 7.26% and that buyer could have purchased a $433,750 home.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">To look at affordability another way, the monthly mortgage payment on the median-priced U.S. home, which goes for roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-rise-midwest-2025\/\"><span style=\"font-weight: 400;\">$425,000<\/span><\/a><span style=\"font-weight: 400;\">, is <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\"><span style=\"font-weight: 400;\">$2,716<\/span><\/a><span style=\"font-weight: 400;\"> with today\u2019s average mortgage rate. Just over a week ago, the payment would have been $2,777.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates dropped from 6.75% to 6.55% in just two days after President Trump announced a sweeping new <\/span><a href=\"https:\/\/www.redfin.com\/news\/tariffs-volatile-mortgage-rates-construction\/\"><span style=\"font-weight: 400;\">tariff policy<\/span><\/a><span style=\"font-weight: 400;\"> on April 2.\u00a0 The announcement sent shockwaves through the U.S. economy, pushing the stock market to its lowest level since the start of the pandemic and adding to concerns about inflation, potential layoffs and slower economic growth. The upheaval has also sent <\/span><a href=\"https:\/\/www.cnbc.com\/quotes\/US10Y\"><span style=\"font-weight: 400;\">10-year treasury yields<\/span><\/a><span style=\"font-weight: 400;\"> down, resulting in lower mortgage rates, at least temporarily.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven in times of great economic uncertainty, there are people who need to move. For those weary homebuyers, this drop in mortgage rates could be a silver lining of this week\u2019s historic <\/span><a href=\"https:\/\/www.redfin.com\/news\/tariffs-volatile-mortgage-rates-construction\/\"><span style=\"font-weight: 400;\">tariffs announcement<\/span><\/a><span style=\"font-weight: 400;\">,\u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cHowever, a word of caution for the general public: This is a wait-and-see moment. Tariffs and the fallout we\u2019ve already seen in the stock market are impacting the economy and could create more volatility in the housing market.\u201d\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s also worth noting that even though mortgage rates have come down over the last week, housing costs are still near <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-costs-record-high-new-listings-increase\/\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates have dropped to their lowest level in six months in the aftermath of President Trump\u2019s newly announced tariffs. For weary homebuyers who have been waiting for a break in housing costs, the decline ups their purchasing power.\u00a0 A homebuyer on a $3,000 monthly budget can afford a $458,750 home with a 6.55% mortgage [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":79566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[36,20,623],"dashboard":[],"coauthors":[124],"class_list":["post-79565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-economics","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tariffs Push Mortgage Rates Down, Upping Homebuyers\u2019 Purchasing Power While Amping Economic Uncertainty<\/title>\n<meta name=\"description\" content=\"Mortgage rates have dropped to their lowest level in six months in the aftermath of President Trump\u2019s newly announced tariffs. 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