After five consecutive weeks of being in decline, mortgage rates did an about-face and to an upswing, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTC:FMCC).
The 30-year fixed-rate mortgage averaged 6.39% as of April 20, up from last week when it averaged 6.27%. One year ago at this time, it averaged 5.11%.
The 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.54%. One year ago at this time, it averaged 4.38 percent.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s chief economist. “Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.”