The average rate on the popular 30-year fixed mortgage surged 13 basis points Friday to 7.1%, according to Mortgage News Daily.
Mortgage rates have been on a roller coaster ride all week, as bond yields spiked higher mid-week when President Donald Trump's new tariffs on dozens of countries went into effect.
Tariffs on Chinese imports, however, currently stand at 145%.
Mortgage rates loosely follow the yield on the 10-year Treasury.
The expectation for inflation jumped from 5% in March to 6.7% in April, the highest level since 1981.
All of this comes right in the heart of the all-important spring housing market.
"Forget about housing in this environment, with mortgage rates back up, consumers certainly concerned about the job market, housing will also be on the weak side," said Nancy Lazar, chief global economist at Piper Sandler, on CNBC's "The Exchange" on Friday. »