The average rate for a 30-year fixed-rate mortgage fell to 6.28% during the week ended April 6, down from 6.32% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year fixed-rate mortgage was 4.72%.
“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, chief economist for Freddie Mac, in a statement. “Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.”
The average rate for a 15-year fixed-rate mortgage was 5.64%, up from 5.56% the previous week.
A year ago at this time, the average rate for a 15-year fixed-rate mortgage was 3.91%.
Photo: David Kristianto