What do tariffs have to do with mortgage rates? The connection isn’t obvious, but it is important. Scan this QR code or click the link in the description of this video to see today’s mortgage rates.

President Trump’s tariffs have introduced a lot of uncertainty into the economy, and that’s pushed mortgage rates up, even though experts expected them to go down this year. Why? Because investors aren’t sure whether tariffs will lead to higher inflation or a recession. Inflation tends to drive rates up. Recessions usually push them down. So, where mortgage rates go next depends on how the economy reacts.

The good news is that there are still ways to snag a lower rate. Stay tuned to learn more.

Let’s zoom in a little on the mortgage rates that are available to you. They’re affected by some factors that are out of your control …… like the federal funds rate and the overall economy. But rates are also affected by some factors that are more personal, like your credit score, your down payment, and your existing debt. Right now, you can focus on the things that are in your control.

Know your credit score and work on improving it. Pay off as much existing debt as you can. Save up for a down payment. And if you’re a first-time homebuyer, look into programs available in your state. And whether you’re looking for a mortgage, a HELOC, a home equity loan, or you want to refinance, make sure you shop around. Different lenders may offer different rates. Buying or refinancing a home is rarely affordable, but mortgage rates don’t have to stand in your way.
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• A tariff (noun): a tax on products entering a country.
• A mortgage rate (noun): the % interest you pay on a home loan from a bank.
• Uncertainty (noun): a situation in which something is not known or certain.
• To push something up (phrasal verb): to cause the amount, value, or number of something to increase.
• An investor (noun): a person or organisation who puts money into something in order to make a profit.
• Inflation (noun): a general, continuous increase in prices.
• A recession (noun): a period (usually 6 months or more) when the economy of a country is not successful and conditions for business are bad.
• To drive something up (phrasal verb): to force a price, value, etc. to increase.
• To go (verb): to change, to increase or decrease.
• To react (verb): to act in a particular way as a result of something else.
• The good news (phrase): the positive information.
• To snag something (verb): to get or catch something by acting quickly.
• Stay tuned (idiom): keep watching or listening to something.
• To zoom in on something (phrasal verb): to notice and give special attention to something.
• A factor (noun): a fact or situation that influences the result of something.
• Out of (your) control (phrase): not something that you can control or have any power to change.
• Federal funds rate (noun, US): the interest rate at which banks lend money to other banks.
• A credit score (noun): a number that shows how likely you are to pay back money you borrow from a bank.
• A down payment (noun): the amount of money you pay when you buy something, you have to pay the rest in the future.
• Existing (adjective): something that exists or is true now.
• Debt (noun): something, especially money, that you need to pay to someone else.
• To pay off something (phrasal verb): to pay back money that you owe.
• To save up (phrasal verb): to not spend money so that you can buy something in the future.
• To look into something (phrasal verb): to find out information about a situation or problem.
• A HELOC (noun): abbreviation for home equity line of credit, a loan that lets you borrow money based on your home’s value.
• To refinance (verb): to change the conditions of a mortgage or loan, usually to get better conditions or more money.
• To shop around (phrasal verb): to compare the price and quality of the same/ similar product before deciding which one to buy.
• A lender (noun): someone or something that lends money, e.g. a bank.
• To stand in someone’s way (idiom): to stop or prevent something from happening.

In this text, there are several examples of if and whether. Both ‘if’ and ‘whether’ are conjunctions which can be used to give different possibilities.

If is used in conditional sentences:

‘If you go skiing, you’ll have fun.’ (Whether can’t be used here: ‘Whether you’ll go skiing, you’ll have fun).

Whether and if can both be used to talk about different alternatives when there are two or more possibilities:

‘Whether/if you’re interested in art, history, sports, or food, Rome is a cool city.’

But only whether can be used before an infinitive (+ to) verb:

‘I don’t know whether to have pizza or pasta.’ (If can’t be used here: ‘I don’t know if to have pizza or pasta).

When asking an indirect ‘yes or no’ question, we can use if or whether:

‘Do you know if/ whether it’s going to rain later?’

If is more common and more informal than whether. Sometimes, whether can suggest there are only two options, but if suggests additional choices:

‘I’m not certain whether I want tea or coffee.’ = two choices. ‘I’m not certain if I want tea or coffee (or something else).’ = three or more choices.

Examples in the text:

• Because investors aren’t sure whether tariffs will lead to higher inflation or a recession: ‘whether’ is used here to introduce two possible results of the tariffs. Both if and whether can be used in this sentence.
• … if you’re a first-time homebuyer, look into programs available in your state: ‘if’ is used here as part of a conditional sentence, to give advice to someone who is buying a house for the first time. Whether can’t be used in this sentence.
• … whether you’re looking for a mortgage, a HELOC, a home equity loan, or you want to refinance: ‘whether’ is used here to introduce multiple alternatives. Both if and whether can be used in this sentence.

https://www.bbc.co.uk/learningenglish/course/eiam/unit-2/session-36

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