HOMZ - Mortgage rates decrease for 5th consecutive week

2023-04-13 12:15:43 ET

Mortgage rates decreased for the fifth consecutive week, creating increased optimism among prospective homebuyers, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgage averaged 6.27% for the week ending April 13, down from last week when it averaged 6.28% and higher than 5.00% a year ago.

15-year fixed-rate mortgage averaged 5.54%, down from last week when it averaged 5.64% and higher from 4.17% a year ago.

"Mortgage rates decreased for the fifth consecutive week," Chief Economist Sam Khater said.

"Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer," Khater added.

Here is a look at the survey results:

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