FX.co ★ US Mortgage Rates Ease Further

The average rate on a 30-year fixed mortgage slipped by 7 basis points from the previous week to 6.23% as of April 23, marking the third consecutive decline since hitting a seven-month high of 6.46%, according to data from Freddie Mac. The move roughly mirrored the retreat in longer-term Treasury yields, as energy prices eased from their late-March peaks.

“The 30-year fixed-rate mortgage declined again this week to 6.23%,” said Sam Khater, Freddie Mac’s chief economist. “Rates are now at their lowest level in the past three spring homebuying seasons. This improvement, combined with a pickup in purchase applications and refinance activity, along with an increase in monthly pending home sales, highlights growing signs of strengthening momentum in the housing market.”