Mortgage rates surged over 7% to end the week, after massive volatility in bond markets surrounding President Donald Trump's tariff agenda.

KEY POINTS

  • The average rate on the popular 30-year fixed mortgage surged 13 basis points Friday to 7.1%.
  • Mortgage rates are now at the highest level since February.
  • “Forget about housing in this environment,” said Nancy Lazar, global chief economist at Piper Sandler.