FX.co ★ US 30-Year Mortgage Rates Drop For The Second Consecutive Week

Mortgage rates declined for the second consecutive week, averaging 6.30% as of April 16, down from 6.37% the previous week, providing some relief to borrowers during the peak homebuying season. The drop pushed rates to a one-month low, as easing geopolitical concerns and record highs in the S&P 500—driven by strong bank and technology earnings—helped offset tensions in the Middle East. According to the Mortgage Bankers Association, refinancing activity increased, but purchase applications remained muted and below year-ago levels for the second straight week, reflecting continued buyer caution amid ongoing economic uncertainty.