For the second straight week, prospective homebuyers and refinance candidates are facing a more favorable borrowing climate, Freddie Mac reported Thursday.
The mortgage giant’s weekly rate survey pegs average 30-year fixed-rate loans at 6.23%, a decline of seven basis points from the prior week and a 14-point fall from the week ending April 9.
The average 15-rate rate of 5.58% has fallen 16 basis points over the past two weeks.
“Rates currently stand at their lowest level in the last three spring homebuying seasons,” remarked Freddie Mac Chief Economist Sam Khater in a press release. “This improvement, coupled with a pickup in purchase applications and refinance activity, as well as an increase in monthly pending home sales, underscores signs of improving momentum in the market.”
Data from the National Association of Realtors shows pending home sales rose 1.5% during the month of March. But despite housing inventory posting a 2.3% annual gain last month, the historically depressed supply-demand balance contributed to a 1.1% dip in pending sales compared to March 2025.
The Mortgage Bankers Association (MBA) reported Wednesday that total mortgage application volume increased 7.9% during the week ending April 17. The association’s seasonally adjusted purchase index climbed 10% over the week, while the refinance index gained 6%.
“Lower mortgage rates last week, driven in part by the ceasefire in the Middle East, supported weekly and annual gains in both refinance and purchase activity, with purchase applications up 14% from a year ago,” MBA President and CEO Bob Broeksmit observed in commentary shared with Scotsman Guide on Thursday. “While geopolitical risks and uncertainty remain, a resilient labor market and increased inventory are supporting homebuyer demand.”
Though President Donald Trump indefinitely extended a ceasefire with Iran this week, he subsequently told Fox News there was “no time frame” and “no rush” to end the Middle East conflict.
Freddie Mac’s survey data for 30-year fixed-rate mortgages shows a recent high of 6.46% for the seven-day period ending April 2. The MBA reported a 6.57% average for the week ending March 27.
