First, here's a quick summary of the tariff situation. Trump proclaimed April 2 "Liberation Day," suggesting that his tariff announcements represented economic freedom for the U.S. In early March, Trump initially spoke of tariffs on imports from Canada, China, and Mexico, then said he would announce the complete plan a month later.

Here's how Trump's latest tariffs could impact mortgage rates and homebuilding costs in a market that's already fraught with affordability woes.