30-year-mortgage-rate-continues-to-rise-and-us-homebuyers-need-to-embrace-it

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 6.43%, up slightly from the previous week.

“The 30-year fixed-rate mortgage rose modestly for the second week in a row, but with the rate of inflation slowing, rates should decline gently over the course of 2023,” said Sam Khater, chief economist at Freddie Mac.

“Incoming data suggests that the housing market has stabilized from a home sales and price perspective. The prospect of lower mortgage rates for the rest of the year should be good news for borrowers looking to buy a home,” Khater added.

The realtor noted last week that home prices have stabilized somewhat, but with supply tight and rates stuck above 6%, affordable housing remains a serious problem for many potential buyers.

So were the rates

30 year mortgage

The 30-year fixed-rate mortgage averaged 6.43 percent as of April 27, 2023, up from last week when it averaged 6.39%. A year ago at this time, the 30-year FRM averaged 5.10%.

15 year mortgage

The 15-year fixed-rate mortgage averaged 5.71%, down from last week, when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 4.40%.

PMMS ® focuses on fully amortizing, conforming, conventional home purchase loans for borrowers with a 20% down payment and excellent credit.

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By Scribe