“According to Sam Khater, Freddie Mac’s Chief Economist, mortgage rates have remained relatively stable this week, with the average rate hovering around 6.8 percent. Since the beginning of 2024, the rate for a 30-year fixed-rate mortgage has consistently stayed below seven percent, but hasn’t fallen under 6.6 percent either. Despite signs of decreasing inflation, we don’t foresee any significant reductions in mortgage rates soon. However, the housing inventory is showing signs of improvement, which could help moderate the rise in home prices.”
Key Updates:
- As of April 4, 2024, the average rate for a 30-year fixed-rate mortgage was 6.82 percent, slightly higher than last week’s average of 6.79 percent. This time last year, the average rate was 6.28 percent.
- The 15-year fixed-rate mortgage averaged 6.06 percent, showing a small decrease from last week’s average of 6.11 percent. A year ago, it was 5.64 percent.
For more information, read the original press release from: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-continue-show-little-movement-0