Mortgage interest rates sunk across all terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve has put the brakes on cutting rates as inflation stays elevated. One key inflation metric, the Consumer Price Index (CPI), came in higher than expected in January.

Meanwhile, the latest S&P CoreLogic’s Case-Shiller Index shows home prices increased by 3.9 percent annually in December 2024. Along with that, home construction sharply slowed last month, and could continue to stall as long as higher inflation, mortgage rates and now tariffs stick around.

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