30-year fixed-rate mortgage rate continues to rise

According to the results of Freddie Mac’s Primary Mortgage Market Study (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.43 percent.

“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” Freddie Mac’s Chief Economist, Sam Khater, stated.

“Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”

As of April 27, 2023, the 30-year fixed-rate mortgage averaged 6.43 percent, up from 6.39 percent the previous week. The 30-year FRM averaged 5.10 percent a year ago at this time.

The 15-year fixed-rate mortgage averaged 5.71 percent, down from 5.76 percent the previous week. At this time last year, the 15-year FRM averaged 4.40 percent.