Mortgage rates fell slightly this week but are still hovering around 7%, remaining uncomfortably high for many would-be buyers.
Freddie Mac's latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.89% this week from 6.95% last week. The average rate on a 30-year loan was 6.96% a year ago.
A recently sold home in the Issaquah Highlands area of Issaquah, Washington, US, on Tuesday, April 16, 2024. Rates have been hovering around 7% for several weeks. (David Ryder/Bloomberg via Getty Images / Getty Images)
The average rate on the 15-year fixed mortgage also declined, dropping to 6.17% from 6.25% last week. One year ago, the rate on the 15-year fixed note averaged 6.30%.