Mortgage Rates Continue to Trend Down

Mortgage Rates , Continue to Trend Down .
CNN reports that mortgage rates
in the United States have fallen
for the fourth week in a row. .
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%. .
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