The numbers: U.S. mortgage rates rose for the first time in over a month in April, making homeownership more expensive for potential homeowners.
The 30-year fixed-rate mortgage averaged 6.39% as of April 20, according to data released by Freddie Mac on Thursday.
The 30-year rate rose after dropping for five straight weeks.
It’s up 12 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.
Last week, the 30-year was at 6.27%. Last year, the 30-year was averaging at 5.11%
The average rate on the 15-year mortgage rose to 5.76%, from 5.54% the previous week. The 15-year was at 4.38% a year ago.
Freddie Mac’s
FMCC,
weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.75% as of Thursday morning.
What Freddie Mac said: “Home prices have stabilized somewhat, but with supply tight and rates stuck above 6%, affordable housing continues to be a serious issue for many potential homebuyers,” Sam Khater, chief economist at Freddie Mac, said in a statement.
“Unless rates drop into the mid-5% range, demand will only modestly recover,” he added.
Market reaction: The yield on the 10-year Treasury note
TMUBMUSD10Y,
was trading above 3.5% during the afternoon trading session on Thursday.
