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. LOS ANGELES — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year.
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 bankShould you itemize or take a standard deduction on your tax return? Here’s what to knowAverage long-term US mortgage rate climbs back to nearly 7% after two-week slide
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.Still, the average rate on a 30-year mortgage remains well above where it was just two years ago at 4.72%.