30-Year Mortgage Rate Creeps Higher; 15-Year Rate Inches Lower
The 30-year Fixed-rate Mortgage Continues to Inch Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 27th. The 30-year fixed-rate mortgage averaged 6.43%, up from last week when it averaged 6.39%. A year ago at this time, the 30-year rate averaged 5.10%.
The 15-year fixed-rate mortgage averaged 5.71%, down from last week when it averaged 5.76%. A year ago at this time, the 15-year rate averaged 4.40%.
Adding additional background and his analysis to this week’s report, Freddie Mac’s Chief Economist Sam Khater said:
“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. 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.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.