Fixed Mortgage Rates Push Higher in the Week Ending April 20th
After Weeks of Decline, Mortgage Rates Increase
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 20th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.27%. A year ago at this time, the 30-year rate averaged 5.11%.
The 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.54%. A year ago at this time, the 15-year rate averaged 4.38%.
Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:
“For the first time in over a month, mortgage rates moved up due to shifting market expectations. Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issues for many potential homes buyers. Unless rates drop into the mid five percent range, demand will only modestly recover.”
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