Mortgage Rates Trend Lower as Spring Homebuying Season Begins
April 06 2023 - 12:29PM
Dow Jones News
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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