Mortgage Rates Trending Lower

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 6.28 percent as of April 6, 2023, down from 6.32 percent the previous week, but significantly higher than 4.72 percent a year ago. The Primary Mortgage Market Survey indicates a trend of declining mortgage rates entering the spring homebuying season. Meanwhile, the 15-year fixed-rate mortgage increased to 5.64 percent from 5.56 percent last week and up from 3.91 percent the previous year. Notably, low inventory levels present challenges, especially for first-time buyers.

Positive

• 30-year fixed-rate mortgage decreased from 6.32% to 6.28%.
• The trend of decreasing mortgage rates could stimulate homebuying.

Negative

• 30-year mortgage rates are significantly higher than a year ago (4.72%).
• Low inventory of homes for sale poses a challenge for buyers.

MCLEAN, Va., April 06, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.28 percent.

“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s Chief Economist. “Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.”

News Facts

• 30-year fixed-rate mortgage averaged 6.28 percent as of April 6, 2023, down from last week when it averaged 6.32 percent. A year ago at this time, the 30-year FRM averaged 4.72 percent.
• 15-year fixed-rate mortgage averaged 5.64 percent, up from last week when it averaged 5.56 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6aa5025-0998-446e-beab-44b902d9e0ca

FAQ

What is the current average rate for a 30-year fixed-rate mortgage for FMCC?

As of April 6, 2023, the average rate for a 30-year fixed-rate mortgage is 6.28%.

How did the 30-year mortgage rate change from last week?

The 30-year fixed-rate mortgage decreased from 6.32% to 6.28%.

What challenges are first-time homebuyers facing according to FMCC?

First-time homebuyers are facing challenges due to low inventory of homes for sale.

What was the 15-year fixed-rate mortgage average on April 6, 2023?

The average for the 15-year fixed-rate mortgage was 5.64%.

How does the current 30-year mortgage rate compare to last year?

The current rate of 6.28% is significantly higher than last year's average of 4.72%.