The average rate for a 30-year fixed-rate mortgage increased to 7.17% as of April 25, up from 7.10% last week and up from 6.43% the same week one year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates continued rising this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”
The average rate for a 15-year fixed-rate mortgage was 6.44%, up from 6.39% last week and up from 5.71% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume decreased 2.7% during the week ended April 19, as the average rate for a 30-year fixed-rate mortgage increased from the previous week.
Photo: Bikram Sharma