“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”

The 30-year fixed-rate mortgage averaged 6.43% as of April 27, according to Freddie Mac’s (OTCQB: FMCC) latest Primary Mortgage Market Survey. This is a rise from last week when it averaged 6.39%. A year ago at this time, it averaged 5.10%.

The 15-year fixed-rate mortgage averaged 5.71%, down from last week when it averaged 5.76%. A year ago at this time, it averaged 4.40%.

Source: Freddie Mac