Mortgage rates continued to hold steady this week, with the average rate for a 30-year fixed-rate mortgage rising slightly to 6.82%, up from 6.79% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.28%.
“Mortgage rates showed little movement again this week, hovering around 6.8 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term.”
“On the plus side, inventory is improving somewhat, which should help temper home price growth,” Khater adds.
For the week ended April 4, the average rate for a 15-year fixed-rate mortgage was 6.06%, down from 6.11% last week but up from 5.64% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume shrank 0.6% during the week ended March 29, despite a slight dip in rates.
Photo: Ali Rezaei