After three consecutive weeks of declines, mortgage rates took an upturn in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.30% as of April 30, up from last week when it averaged 6.23%. A year ago at this time, it averaged 6.76%.
The 15-year fixed-rate mortgage averaged 5.64%, up from last week when it averaged 5.58%. A year ago at this time, it averaged 5.92%.
Sam Khater, Freddie Mac’s chief economist, overlooked the rate increase when he stated, “As rates had modestly declined the last few weeks, purchase demand has accelerated with purchase applications rising to over 20% above a year ago. It is clear that purchase demand continues to hold up as prospective buyers react to both modestly lower rates and more inventory to choose from than the last few years.”
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