Mortgage rates continued to increase this week, with the average rate for a 30-year fixed rate mortgage rising to 6.43%, up from 6.39% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
For the week ended April 27, the average rate for a 15-year fixed-rate mortgage averaged 5.71%, down from last week when it averaged 5.76% but up from a year ago when it averaged 4.40%.
“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”
Earlier this week, the Mortgage Bankers Association reported that mortgage applications increased during the week ended April 21, despite higher rates.
Photo: Breno Assis