A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

Ongoing uncertainty could cause rates to stay high, or increase further. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Both would be bad for mortgage rates.

Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.68%, down 0.51% from the previous week, according to the Mortgage Research Center. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage,