As stock markets plunged and economists warned of a potential recession after President Donald Trump’s implementation of massive new tariffs this week, some Americans wonder whether there may be a silver lining — lower mortgage rates.

The uptick in seller activity is notable because even as the lock-in effect eases, the gap between today’s market rates and the rate many homeowners have on their current mortgages is quite large. In fact, the latest data shows that 82% of homeowners with a mortgage had a rate below 6%, down from 87% one year ago.

Mortgage rates fell overnight after Trump announced sweeping tariffs. But will mortgage rates keep heading down?