30-Year Mortgage Rate Down; 15-Year Mortgage Rate Up
Mortgage Rates Trending Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 6th. The 30-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 4.72%.
The 15-year fixed-rate mortgage averaged 5.64%, up from last week when it averaged 5.56%. A year ago at this time, the 15-year rate averaged 3.91%.
Adding additional background and his analysis to the report, Freddie Mac’s Chief Economist Sam Khater said:
“Mortgage rates continue to trend down entering the traditional spring homebuying season. Unfortunately, those in the market to buy are facing a number of challenges, not least of which is the low inventory of homes for sales, especially for aspiring first-time homebuyers.”
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