Residential Real Estate News
U.S. Mortgage Rates Dip in Early April
According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.28 percent in early April 2023.
"Mortgage rates continue to trend down entering the traditional spring homebuying season," said Sam Khater, Freddie Mac's Chief Economist. "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 Mortgage Bankers Association President and CEO Bob Broeksmit also commented, "Mortgage applications declined slightly last week after four straight weeks of increases. Despite the recent decrease in mortgage rates, both purchase and refinance activity remain below year ago levels when rates were even lower. One hurdle for many prospective buyers this spring continues to be low supply - especially for new listings at the lower end of the market."
Freddie Mac News Facts
- The 30-year fixed-rate mortgage averaged 6.28 percent as of April 6, 2023, down from last week when it averaged 6.32 percent. A year ago at this time, the 30-year FRM averaged 4.72 percent.
- The 15-year fixed-rate mortgage averaged 5.64 percent, up from last week when it averaged 5.56 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent.
