The 30-year fixed-rate mortgage averaged 6.23% as of April 23, down from last week when it averaged 6.30%.
According to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC), the mortgage averaged 6.81% at this time one year ago.
The 15-year fixed-rate mortgage averaged 5.58%, down from last week when it averaged 5.65%. A year ago at this time, it averaged 5.94%. This marks the third straight week where the mortgage rates declined.
Sam Khater, Freddie Mac’s chief economist, observed, “Rates currently stand at their lowest level in the last three spring homebuying seasons. This improvement, coupled with a pickup in purchase applications and refinance activity, as well as an increase in monthly pending home sales, underscores signs of improving momentum in the market.”
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