The average rate on a 30-year mortgage in the U.S. declined for the third week in a row, another positive move for prospective homebuyers during what’s traditionally the housing market’s busy season.

The interest rate for the most popular U.S. home loan dropped to 6.61% last week, the lowest rate since October, giving a boost to mortgage applications even as global stocks tumbled in the wake of President Donald Trump's decision to impose sweeping tariffs on trading partners the world over.

Mortgage refinance demand surged 35% in one week, as the precious few who could benefit rushed to their lenders. Demand from homebuyers jumped to the highest level in over a year. Adjustable-rate loans saw strong demand,