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6.39%: Mortgage Rates Tick Down

  • May 4th 2023

by UrbanTurf Staff

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Mortgage rate chart_05-04-23.png

Mortgage rates ticked down this week following commentary from the Federal Reserve. 

Freddie Mac reported 6.39% as the average on a 30-year mortgage on Thursday, down 4 basis points compared to last week. 

“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” Sam Khater, Freddie Mac’s Chief Economist, said in a release. “Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rate

This article originally published at https://dc.urbanturf.com/articles/blog/639_mortgage_rates_tick_down/20984.

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