XHB - Long-term mortgage rates increase for 2nd straight week but expected to decline through 2023

2023-04-27 12:14:06 ET

Long-term mortgage rates increased for the second straight week, but are expected to decline through 2023.

30-year fixed-rate mortgages averaged 6.43% as of April 27, up from last week when they averaged 6.39% and from 5.10% a year ago.

15-year fixed-rate mortgages averaged 5.71%, down from last week when it averaged 5.76% and up from 4.40% a year ago.

"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, said.

Notably, mortgage applications also increased this week.

"Incoming data suggest the housing market has stabilized from a sales and house price perspective," Khater said.

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