Mortgage Rates Rise For 2nd Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, increased for second 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 6.43 percent as of April 27, 2023, up from last week when it averaged 6.39 percent. A year ago at this time, the 30-year FRM averaged 5.10 percent.

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

"The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023," said Sam Khater, Freddie Mac's Chief Economist. "Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home."