April 9 (Reuters) – The interest rate for the most popular U.S. home loan dropped to 6.61% last week, the lowest rate since October, giving a boost to mortgage applications even as global stocks tumbled in the wake of President Donald Trump’s decision to impose sweeping tariffs on trading partners the world over.

The average contract rate on a 30-year fixed-rate mortgage fell 9 basis points in the week ended April 4, the Mortgage Bankers Association said on Wednesday. Mortgage applications increased by 20% to the highest level since September.