30-Year Mortgage Rate Continues To Inch Up

The 30-year fixed mortgage rate rose, but just barely, for the second straight week this week, Freddie Mac said Thursday. 

The government-sponsored enterprise released the results of its Primary Mortgage Market Survey (PMMS), showing the average for the 30-year fixed-rate mortgage (FRM) as of April 27 increased just 4 basis points to 6.43%. That's the highest the rate has been since mid-March.

After rising last week, the 15-year fixed-rate mortgage posted a decline this week, falling 5 basis points.

“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,” said Sam Khater, Freddie Mac’s chief economist. 

He continued, “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.”

Rates

• The 30-year fixed-rate mortgage averaged 6.43%, up from last week when it averaged 6.39%. A year ago, it averaged 5.1%.
• The 15-year fixed-rate mortgage averaged 5.71%, down from last week when it averaged 5.76%. A year ago, the rate averaged 4.4%.

The PMMS is focused on conventional, conforming, fully amortizing home-purchase loans for borrowers who put 20% down and have excellent credit.