Mortgage Rates Surpass 7% For First Time This Year

Apr 18, 2024

Staff Writer

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year.

“The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from 6.88% to 7.10% this week,” said Sam Khater, Freddie Mac’s chief economist. “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or holding off in hopes of decreases later in the year. Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”

A year ago at this time, the 30-year FRM averaged 6.39%.

The 15-year FRM averaged 6.39% as of April 18, up from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.76%.

Mortgage Rates

Freddie Mac

Primary Mortgage Market Survey

About the author

Sarah Wolak

Staff Writer

Sarah Wolak is a staff writer at NMP.

Link copied

Published

Apr 18, 2024

Regulation and Compliance

California Approves $25B Homebuyer Loan Program, Targeting New Construction

Proposition 37 could open new purchase lending opportunities, but financing costs and borrower qualification will determine its reach

California voters have approved a $25 billion homebuyer financing initiative that could create new purchase mortgage opportunities for lenders and brokers, particularly those working with homebuilders.Proposition 37, which passed with more than 60% of the vote in the Nov. 3 ...

Opinion

DSCR Lending Keeps Gaining Ground as Investor Purchases Slow

As investor purchases decline, DSCR loans capture a growing share of Non-QM lending, creating opportunities for brokers who understand the differences between lender programs

Real estate investors are buying fewer homes than they did a year ago, yet debt service coverage ratio (DSCR) lending continues to gain ground in the market. A big part of the reason is that DSCR loans are purpose-built for property investors. Agency loans qualify borrowers ...