2023-04-06 12:17:05 ET
Long-term mortgages continued on the downward trajectory as the market enters the spring homebuying season, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.28% in the week ending April 6, down from last week when they averaged 6.32% and higher than 4.72% a year ago.
15-year fixed-rate mortgages averaged 5.64%, up from last week when they averaged 5.56% and the year-ago 3.91%.
"Mortgage rates continue to trend down entering the traditional spring homebuying season," Chief Economist Sam Khater said.
"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," Khater added.
Here is a look at the mortgage rate movements in the last one month:
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Long-term mortgages continue on downward trajectory