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Americans have been praying for lower mortgage rates. They had no idea that a Chinese AI app could help them obtain them.
A knee-jerk selloff in tech stocks on Jan. 27 prompted by a new Chinese AI tool by startup DeepSeek that rivals Chat GPT caused some of Silicon Valley’s most prominent companies to see their stock price plummet overnight. Bond yields also fell that day, and the byproduct of lower bond yields —resulting from bond prices increasing—was to see mortgage rates drop as well.
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Although the mortgage rate decline was modest—falling to 6.96%—after the tech stock selloff, the pattern seems to have persisted, as the following week, according to Freddie Mac , it fell again to 6.89%.
“Home shoppers who already have an offer accepted can take advantage of this reprieve, but I don’t expect it to mean lasting mortgage rate relief for home shoppers,” realtor.com Chief Economist Danielle Hale said. “That will come from broader economic stability and ongoing improvement in inflation.”
One of the tech titans to hit the worst was AI chip innovator Nvidia (NASDAQ: NVDA ), which saw shares plunge 17% and its market cap drop by $590 billion. However, the fact that DeepSeek still used Nvidia chips to build its AI platform, according to the New York Times — albeit in fewer numbers than their US counterparts — might have been missed by those who suddenly sold their shares in the company. Ultimately, the US-based chip maker is still the kingmaker regarding AI technology.
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