Mortgage Rates Still Hovering Near The 7% Level

WRE News April 7, 2024

Buyer

Mortgage Rates Still Hovering Near The 7% Level

The latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC) found rates stuck near the 7% level.

The 30-year fixed-rate mortgage averaged 6.82% as of April 4, up from last week when it averaged 6.79%. A year ago at this time, it averaged 6.28%.

The 15-year fixed-rate mortgage averaged 6.06%, down from last week when it averaged 6.11%. A year ago at this time, it averaged 5.64%.

“Mortgage rates showed little movement again this week, hovering around 6.8%,” said Sam Khater, Freddie Mac’s chief economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached 7% but has not dropped below 6.6% either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”


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