Mortgage rates edge lower as inflation continues to slow
The 30-year fixed-rate mortgage fell to 6.27%
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Mortgage rates fell for a fifth straight week, according to weekly data compiled by mortgage buyer Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 6.27% as of April 13, down from 6.28% recorded last week. One year ago, the 30-year FRM averaged 5.00%.
Meanwhile, the 15-year fixed-rate mortgage averaged 5.54%. Last week it averaged 5.56%. At the same time in 2022, the 15-year FRM averaged 4.17%.
A "For Sale" sign outside of a home in Atlanta, Georgia, US, on Friday, Feb. 17, 2023. The National Association of Realtors is scheduled to release existing homes sales figures on February 2 (Dustin Chambers/Bloomberg via Getty Images / Getty Images)
"Mortgage rates decreased for the fifth consecutive week," said Sam Khater, Freddie Mac’s Chief Economist.
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Khater continued that, "Incoming data suggest inflation remains well above the desired level but showing signs of deceleration."
Job seekers line up outside the New Hampshire Works employment security job center, Monday, May 10, 2021, in Manchester, N.H. (AP Photo/Mary Schwalm)
Jobless claims came in higher than expected Thursday, as layoffs continue, increasing optimism that the Federal Reserve will continue the rate pause it began on Monday.
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"These trends," Khater says, "coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer."
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