FMCC Federal Home Loan Mortgage Corporation (QB)

By Dean Seal

Mortgage rates are trending lower as the spring homebuying season ramps up, with the average rate on the popular 30-year fixed-rate mortgage ticking down for the fourth week in a row.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage slid to 6.28% from 6.32% the prior week. A year ago, the average rate was 4.72%.

The average 15-year rate jumped to 5.64% from 5.56% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 3.91%.

"Mortgage rates continue to trend down entering the traditional spring homebuying season," said Sam Khater, Freddie Mac's chief economist. "Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 06, 2023 12:14 ET (16:14 GMT)

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