Mortgage Rates Inch Up

(RTTNews) - Mortgage rates, or interest rates on home loans, inched up this week, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.82 percent as of April 4, 2024, down from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 6.28 percent.

The 15-year FRM averaged 6.06 percent, down from last week when it averaged 6.11 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent.

"Mortgage rates showed little movement again this week, hovering around 6.8 percent," said Sam Khater, Freddie Mac's Chief Economist. "Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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