{"id":1744,"date":"2023-04-29T02:23:15","date_gmt":"2023-04-29T06:23:15","guid":{"rendered":"https:\/\/ifintechworld.com\/mortgage\/mortgage-rates-rise-again-but-tide-may-soon-change-freddie-mac\/"},"modified":"2023-04-29T02:23:15","modified_gmt":"2023-04-29T06:23:15","slug":"mortgage-rates-rise-again-but-tide-may-soon-change-freddie-mac","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1744","title":{"rendered":"Mortgage rates rise again, but tide may soon change: Freddie Mac"},"content":{"rendered":"
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The average 30-year fixed-rate mortgage rate increased to 6.43% for the week ending April 27, 2023, according to the latest Freddie Mac data. That\u2019s up from last week when it averaged 6.39%. A year ago, it averaged 5.10%.\u00a0<\/p>\n

The average 15-year fixed-rate mortgage rate decreased to 5.71%, down from last week when it averaged 5.76%. Last year, it averaged 4.40%.<\/p>\n

“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” Freddie Mac Chief Economist Sam Khater said.\u00a0<\/p>\n

To lower inflation, the Federal Reserve has been raising interest rates since last year. And it increased rates by 25 basis points in March.\u00a0<\/p>\n

Inflation increased 5% year-over-year in March, based on the inflation-measuring Consumer Price Index (CPI). That marked the smallest 12-month increase since the period ending May 2021, according to the Bureau of Labor Statistics (BLS).\u00a0<\/p>\n

In addition, the U.S. economy grew 1.1% in the first quarter, according to the advanced estimate released Thursday by the Bureau of Economic Analysis (BEA). This signaled a turn from the 2022 fourth quarter’s 2.6% increase and the third quarter’s 3.2% spike.<\/p>\n

Nonetheless, some economists believe the Fed will raise interest rates by 25 basis points in May.\u00a0<\/p>\n

“The Fed has made some progress cooling inflation with rate hikes but there\u2019s still work to be done,” Redfin Chief Economist Daryl Fairweather said in a statement. “Even if the Fed chooses not to hike interest rates next month, which would likely bring down mortgage rates, the limited supply of homes for sale would remain a major obstacle for would-be buyers.”\u00a0<\/p>\n

Homebuyers and homeowners can still find suitable mortgage rates or refinance rates by shopping around. You can visit Credible to compare options from different mortgage lenders at once, without affecting your credit score.\u00a0<\/p>\n

FINANCIAL STRESS HAS BIGGEST IMPACT ON AMERICANS\u2019 MENTAL HEALTH: SURVEY<\/strong><\/p>\n

Home sale prices see biggest drop in over a decade<\/strong><\/h2>\n

Despite recent mortgage rate increases, median home prices have dropped in the U.S., according to one report.\u00a0<\/p>\n

The median home sale price fell 2.6% annually during the four weeks ending April 16, dropping to $366,200, according to real estate brokerage Redfin. This marked the sharpest decline in more than a decade, Redfin said.<\/p>\n

In fact, home-sale prices fell in 30 of the 50 most populous U.S. metro areas, Redfin reported. Here are the cities that experienced the most significant year-over-year declines in home-sale prices:<\/p>\n