The average rate for a 30-year fixed-rate mortgage has been fluctuating around 6.8% since 2022.

This volatility is due to uncertainty around multiple factors, including around the Federal Reserve’s interest rates, inflation, whether there’ll be a recession, and, recently, tariffs. Mortgage applications have been holding steady over the same period, indicating robust underlying demand. Higher construction costs due to tariffs or labor shortages have muddied the outlook for the future, but so far these have not translated into changes on the ground.