Housing Market Update | Week of April 21st
Published: April 21, 2025
Updated: April 21, 2025

Housing Market Update | Week of April 21st

The 10-year yield finally stabilized last week after back-to-back volatile weeks. The biggest piece of news driving rates last week was a speech given by Fed Chairman Jerome Powell at the Economic Club of Chicago on Wednesday. Powell reinforced that the Fed would need to analyze the true impact of tariffs on inflation and the growing threat of a job-loss recession before opting to cut mortgage rates.
The bond market reacted positively to his speech, dropping to 4.2% on Wednesday before bouncing back slightly before the 3-day weekend. This week has more speeches from Fed Presidents scattered between Tuesday and Thursday. Expect to see the bond market react each day depending on what’s said.

Last Week's Mortgage Rate Recap
Rates Were Relatively Stable
Relative to previous weeks, mortgage rates were stable last week thanks to some much-needed stability in the bond market. We saw the bond market drop slightly after Powell’s speech on Wednesday before it returned to the previous level on Thursday ahead of a 3-day weekend for the markets in observance of the Easter holiday.
Perhaps the biggest headline was an attack directed at Powell by President Trump, whose administration is reportedly exploring whether it can fire Powell. Powell was appointed by Trump in 2017. Powell’s term is set to end in May 2026.

This Week's Mortgage Rate Forecast
Rates Could be Volatile
This week will feature more speeches from Fed Presidents between Tuesday and Thursday. Given President Trump’s ongoing feud with the Federal Reserve and increased pressure to cut rates, these speeches and what’s said by these Fed Presidents will likely gain a lot of media attention and drive market activity every day.
In terms of hard data, we’ll get the March New Home Sales report on Wednesday and consumer sentiment data on Friday. Despite a slight increase in rates, purchase application data remains positive. Year-over-year, purchase applications are up 13%. If rates can drop closer to 6%, expect to see a significant uptick in housing market activity.
As always, the market can change drastically every single day. In periods of volatility, it’s more important than ever to make sure you and your Loan Originator partners are aligned to continue to help your buyers make informed decisions and maximize the wealth-building benefits of homeownership.
As the week progresses, make sure to stay in touch with your UMortgage Loan Originator for updates throughout the week as things develop.