Average long-term US mortgage rate rises modestly this week, holding just below 7%

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. How the bond market reacts to the Fed’s interest rate policy, as well as other factors can influence mortgage rates. Current indications are mortgage rates will remain higher for a while longer.

Still, the average rate on a 30-year mortgage remains well above where it was just two years ago at 4.72%. That large gap between rates now and then has helped limit the number of previously occupied homes on the market because many homeowners who bought or refinanced more than two years ago are reluctant to sell and give up their fixed-rate mortgages below 3% or 4%.

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