A sign announcing that a home is under contract is displayed in Wilmette, Ill., Thursday, March 28, 2024. On Thursday, April 4, 2024, Freddie Mac reports on this week’s average U.S. mortgage rates. .
Rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate for the benchmark 30-year mortgage is now just below where it was two weeks ago. Many economists expect that mortgage rates will ease moderately this year, but that’s not likely to happen before the Fed begins cutting its benchmark interest rate. Last month, the central bank signaled again that it expects to make three rate cuts this year, but not before it sees more evidence that inflation is slowing from its current level just above 3%.
The U.S. housing market is coming off a deep, 2-year sales slump triggered by a sharp rise in mortgage rates and a dearth of homes on the market. The overall pullback in mortgage rates since their peak last fall has helped provide more financial breathing room for homebuyers. Even so, the pace of new homes hitting the market in the leadup to the spring homebuying season has been stronger than last year.
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