Mortgage Rates are on the Down

The 30-year fixed-rate mortgage (FRM) averaged 6.28 percent, according to the results of Freddie Mac’s Primary Mortgage Market Study (PMMS).

“Mortgage rates continue to trend down entering the traditional spring homebuying season,” Freddie Mac’s Chief Economist, Sam Khater, stated.

“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.”

As of April 6, 2023, the 30-year fixed-rate mortgage averaged 6.28 percent, down from 6.32 percent the previous week.

At this time last year, the 30-year FRM averaged 4.72 percent.

The 15-year fixed-rate mortgage averaged 5.64 percent, up from 5.56 percent the previous week.

The 15-year FRM averaged 3.91 percent a year ago at this time.