After Declines, Rates Rise Slightly

After a weeks-long downward trend, mortgage rates stopped in their tracks, inching up just barely.

Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.65%, up slightly from the week prior’s 6.63%. 

This is the first increase in seven weeks.

A year ago at this time, the 30-year fixed-rate mortgage averaged 6.74%.

Fifteen-year rates also ticked up to 5.80% from 5.79%. Last year, they were at 6.16%.

“Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” said Sam Khater, Freddie Mac’s Chief Economist. 

“Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded. Purchase applications are up 5% as compared to a year ago. The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”

Mortgage lock volumes increased last month, but continued improvement depends on how the economy fares moving forward.

Volatility is keeping some buyers sidelined as Wall Street reels in the face of President Donald Trump’s shifting tariffs and international retaliation.

Still, some metros have recovered enough from the pandemic buying boom that homebuyers can score a deal without any mind to national affairs.

Florida, Texas, and Louisiana have plenty of available inventory, giving buyers negotiating power and the option to be choosy. 

“There were winners and losers during the pandemic years, and Florida was a clear winner… the market is totally different. There is definitely a lot more power as a buyer right now,” Jeremy Guillette, a Florida Realtor, commented.