Mortgage Rates , Continue to Trend Down .
CNN reports that mortgage rates in the United States have fallen for the fourth week in a row.
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According to data from Freddie Mac, the 30-year-fixed-rate mortgage averaged 6.28% in the week ending April 6.
The week before, the average rate had been at 6.32%.
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Compared to the same time in 2022, the 30-year-fixed-rate was down to 4.72%.
Mortgage rates continue to trend down entering the traditional spring homebuying season, Sam Khater, Freddie Mac’s chief economist, via CNN.
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, Sam Khater, Freddie Mac’s chief economist, via CNN.
In November of 2022, average rates hit a high of 7.08%.
Experts caution that while rates have been trending down in 2023, fallout from recent banking meltdowns could lead to stricter lending requirements.
More expensive, stricter lending helps to usher in the long-term health of the economy, but the downside is that borrowing for large purchases, including a home purchase, may be relatively more challenging in the short term, Hannah Jones, economic research analyst at Realtor.com, via CNN.
Mortgage rates tend to move with the 10-year Treasury yield, which ticked up this week, but the spread between the two narrowed as mortgage rates moved down and the market continued to navigate ongoing economic uncertainty, Hannah Jones, Economic research analyst at Realtor.com, via CNN.
Mortgage rates tend to move with the 10-year Treasury yield, which ticked up this week, but the spread between the two narrowed as mortgage rates moved down and the market continued to navigate ongoing economic uncertainty, Hannah Jones, Economic research analyst at Realtor.com, via CNN
