Freddie Mac releases April fixed-mortgage rates
According to Freddie Mac, the 30-year fixed-rate mortgage rate (FRM) averaged 6.34% in April, 16 basis points (bps) higher than March. The average 15-year rate also increased by 13 bps to 5.69%. Despite the recent increases, both the FRM and average 15-year rates remain 39 bps and 21 bps lower than a year ago, respectively.
Mortgage rates increased last month as ceasefire negotiations remain inconclusive. At its latest meeting, the Federal Reserve (Fed) held the federal funds rate unchanged at 3.5% to 3.75%, as inflation remains elevated alongside continued economic expansion. In other news, the Fed announced that Jerome Powell’s term as Chair will end next month and that he will remain on the Board of Governors.
