Mortgage Rates Trend Lower as Spring Homebuying Season Begins

By Dean Seal

Mortgage rates are trending lower as the spring homebuying season ramps up, with the average rate on the popular 30-year fixed-rate mortgage ticking down for the fourth week in a row.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage slid to 6.28% from 6.32% the prior week. A year ago, the average rate was 4.72%.

The average 15-year rate jumped to 5.64% from 5.56% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 3.91%.

"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."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 06, 2023 12:14 ET (16:14 GMT)

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