Despite predictions at the beginning of 2019 that mortgage rates would rise this year, it seems the opposite is happening. Due to lowered rates, refinances soared in June.

Reports CNBC, “Mortgage rates dropped to their lowest level in nearly two years, so total mortgage applications surged 26.8% in just one week [in June]. Volume was 41% higher than a year ago.”

CNBC credits the drop in mortgage rates— for all types of loans— to trade tensions with China and Mexico, as well as financial markets reacting to signals from the Federal Reserve and “weaker than expected hiring in May.”

Refinances were a huge part of the increase in mortgage applications, riising 97% over last year at the same time. “It’s nothing short of a refinancing boom,” notes CNBC.

What’s ahead for mortgage rates? “The next move will depend on how economic data evolves and whether there are any more trade policy bombshells,” Matthew Graham, chief operating officer of Mortgage News Daily, told CNBC.