Freddie Mac, a major provider of home loans, has revealed a slight increase in mortgage rates this week. The 30-year fixed-rate mortgage (FRM) averaged 6.82 percent as of April 4, 2024, a small increase from the previous week's average of 6.79 percent. In contrast, it registered at 6.28 percent during the same period last year.
A similar trend was seen with the 15-year FRM, that averaged 6.06 percent, falling marginally from the previous week's 6.11 percent average. However, compared to last year's figure, which was 5.64 percent, there is a notable increase.
Freddie Mac's Chief Economist, Sam Khater, noted, "Mortgage rates have maintained a steady pace this week, remaining around the 6.8 percent mark". He added, "since the onset of 2024, the 30-year FRM has yet to hit the seven percent threshold and hasn't dipped under 6.6 percent. Despite indicators suggestive of lower inflation rates, we don't foresee a significant decrease in rates in the near future. On a positive note, there's been a slight increase in inventory, creating potential to stabilize home price growth."
