Mortgage Rates Trend Lower Amid Easing Inflation Data

By Will Feuer

Mortgage rates trended lower, with the average rate on the popular 30-year fixed-rate mortgage ticking down for the fifth week in a row, according to government-backed housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage edged down to 6.27% from 6.28% the prior week. A year ago, the average rate was 5.0%.

The average 15-year rate fell to 5.54% from 5.64% last week. A year ago, the 15-year fixed-rate mortgage rate averaged 4.17%.

"Mortgage rates decreased for the fifth consecutive week," said Sam Khater, Freddie Mac's chief economist. "Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective home buyers as the housing market hits its peak in the spring and summer."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 13, 2023 12:14 ET (16:14 GMT)

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