Mortgage Rates Just Fell Again—but the News Gets Even Better

Mortgage rates inched slightly lower this week, marking the fifth straight week of declines.

For the week ending April 13, 30-year fixed-rate mortgages averaged 6.27%, down from 6.28% in the prior week, Freddie Mac announced on Thursday. That’s still substantially higher than a year ago, though, when they averaged 5%.

But that might change over the coming months, thanks to a government report out Wednesday showing that overall inflation had dropped a bit in March.

“Calmer inflation means lower mortgage rates, eventually,” Lawrence Yun, chief economist for the National Association of Realtors®, said in a release responding to the inflation report.

Furthermore, he predicts the news will get even better in the coming months: “Mortgage rates slipping down to under 6% looks very likely toward the year’s end.”

We’ll explore what this all means for buyers and sellers in this installment of “How’s the Housing Market This Week?



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