Mortgage Rates Fall This Month in Welcome News for Buyers

Mortgage Rates Fall This Month in Welcome News for Buyers

After rising in March, average mortgage rates started to fall this month. As of April 15, the average 30-year fixed mortgage rate was 3.04%, according to Freddie Mac, down from 3.18% two weeks ago.* Today’s rate is also lower than a year ago, when the average 30-year fixed rate was 3.31%.

The average 15-year mortgage rate also fell during the last two weeks, from 2.45% to 2.35%. A year ago, the 15-year fixed rate was 2.8%

Low mortgage rates—resulting in lower monthly payments—act as an incentive for home buyers. The falling rates are especially welcome now, as buyers contend with low housing inventory and rising prices.

*Freddie Mac plays an important role in increasing liquidity and stability in the housing market. It purchases mortgages from lenders, providing cash for lenders to make additional loans to home buyers.

Interest rate data and chart courtesy of Freddie Mac as of April 16, 2021.

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