Mortgage rates rise again, but tide may soon change: Freddie Mac

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’s up from last week when it averaged 6.39%. A year ago, it averaged 5.10%.

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%.

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).

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.

Home sale prices see biggest drop in over a decade

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.

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:

•Austin, Texas (-15.1%)

•Oakland, California (-11.5%)

•Sacramento, California (-9.5%)

•San Francisco, California (-9.2%)

•Seattle, Washington (-9.1%)

https://www.foxbusiness.com/personal-finance/mortgage-rates-increase-freddie-mac-april-27-2023