Mortgage Interest Rates Decline for Five Straight Weeks

In positive news for potential home buyers, the average long-term U.S. mortgage rate inched down for the fifth consecutive week, reaching its lowest level in two months. In the week-ending April 12, the benchmark 30-year mortgage interest rate averaged 6.27%, based on applications submitted to Freddie Mac from lenders across the country. That rate was down from 6.28% the previous week and well below the two-decade high of 7.08% recorded in fall 2022. Still, the average long-term U.S. mortgage rate remains above the year-earlier rate of 5% and well above the historic low of 2.65% from early January 2021. For perspective, during the five years leading up to the pandemic (2015-2019), the 30-year fixed-rate mortgage interest rate ranged from 3.41% to 4.94%, averaging 3.99%.