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Macro Score 45 Bullish

US Mortgage Rates Hit Three-Year Spring Low as Housing Momentum Builds

Apr 23, 2026 19:36 UTC
Medium term

The 30-year fixed-rate mortgage has declined to 6.23%, marking the lowest level for the spring season in three years. This downward trend is driving a resurgence in home purchase applications and refinancing activity.

  • 30-year FRM averaged 6.23%, down from 6.30% last week
  • 15-year FRM averaged 5.58%, down from 5.65% last week
  • Current rates are the lowest for the spring season in three years
  • Year-over-year decline from 6.81% for 30-year and 5.94% for 15-year loans
  • Increase observed in pending home sales and refinance activity

Mortgage rates continued their descent this week, reaching a four-week low and signaling a potential shift in the residential real estate landscape. According to the latest data from Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 6.23%, a decrease from the previous week's 6.30%. This decline represents a significant improvement over the previous year, where the 30-year FRM averaged 6.81% during the same period. Similarly, the 15-year FRM fell to 5.58%, down from 5.65% last week and notably lower than the 5.94% recorded a year ago. Sam Khater, Chief Economist at Freddie Mac, noted that these rates are the lowest seen in three spring homebuying seasons. He highlighted that the lower borrowing costs are translating into tangible market activity, specifically citing a pickup in both purchase and refinance applications. The trend is further supported by an increase in monthly pending home sales, suggesting that buyers are returning to the market as affordability improves. This momentum could lead to increased volume for mortgage lenders and a potential uptick in residential construction and home improvement sectors.

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