Mortgage Rates Drop For Fifth Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, declined for a fifth consecutive week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 6.27 percent as of April 13, 2023, down from last week when it averaged 6.28 percent. A year ago at this time, the 30-year FRM averaged 5.00 percent.

The 15-year fixed-rate mortgage averaged 5.54 percent, down from last week when it averaged 5.64 percent. A year ago at this time, the 15-year FRM averaged 4.17 percent.

"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 homebuyers as the housing market hits its peak in the spring and summer."