Mortgage Mix: Rates Inch Up; Consumers Adjust to Upward Movement

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.

According to the Primary Mortgage Market Survey® from Freddie Mac, last updated April 11, 2024, the 30-year mortgage rate sits at 6.88%, while the 15-year mortgage rate currently stands at 6.16%.
These rates represent a slight increase from the week of April 5, 2024, where the 30-year rate was 6.82% and the 15-year rate was 6.06%. Mortgage rates remain elevated rather than the hoped-for decline.
The latest Weekly Mortgage Application Survey from the Mortgage Bankers Association (MBA) found that mortgage applications increased a mere 0.1% during the week of April 5, 2024.
Data from the Fannie Mae Home Purchase Sentiment Index® indicate that buyers and sellers may have reached the acceptance stage with high mortgage rates; more consumers believe rates will increase over the next two months, but perceptions of buying/selling ticked up, too.

Devin Meenan is an assistant editor for RISMedia.