Rates will moderate

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“The mortgage rate environment is mixed going into April, mainly driven by the near-term outlook for 10-year Treasury yields, which mortgage rates tend to follow. Federal Reserve Chairman Jerome Powell stated that the central bank has no immediate plans to reduce the fed funds rate. Inflation is gradually easing but remains above its 2% target, and the labor market remains on solid footing. Upside risks to inflation have risen amid trade policy uncertainty, which could put upward pressure on Treasury yields and mortgage rates. However, concerns about declining consumer sentiment and a weakening labor market could put downward pressure on 10-year yields. Without a decisive shift in these factors, our base case is that mortgage rates will remain steady for the month.”