The 30-year fixed-rate mortgage averaged 6.43% in the week ending April 27, up slightly from 6.39% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.10%. Even though rates ticked up for the second week in a row, with the rate of inflation decelerating, mortgage rates should gently decline over the course of the rest of this year, said Sam Khater, Freddie Mac’s chief economist.
Applications are still well below levels seen a year ago. “Financial markets are anticipating that the Federal Reserve will raise short-term rates at its next meeting, which has pushed Treasury yields and mortgages rates higher in recent weeks,” said Bob Broeksmit, MBA President and CEO. The Fed’s policymaking committee is set to meet next week.
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