Mortgage Rates

A Step Up — After drifting lower earlier this spring, mortgage rates have climbed back into the mid-6% range. The 30-year fixed averaged 6.53% this week, compared to 6.23% a month ago. While rates remain lower than they were a year ago, ongoing economic uncertainty continues to keep mortgage rates moving up and down.

Freddie Mac Primary Mortgage Market Survey®. Rates based on 30-year fixed-rate mortgage.

Homes Prices

Keeping Pace — Home prices continue to move higher, but at a much more measured rate than we’ve seen in recent years. In April, the median U.S. home sale price reached $396,173, up 2.4% from a year ago. As inventory improves and buyers gain more options, the market has become more balanced than it was just a few years ago. While affordability remains a challenge, recent wage growth has outpaced home price appreciation, helping ease some of the pressure on buyers.

Housing Supply

More Choices — Housing inventory continues to move in the right direction for buyers. Newly listed homes were up 0.7% year-over-year in April, and the number of homes for sale has been steadily increasing over the past several years. More inventory means buyers have more options, more time to make decisions, and in some cases, more room to negotiate than they had during the highly competitive markets of recent years.

Market Activity

Buyers Are Still Buying — Despite affordability challenges and recent rate volatility, buyers continue to engage with the market. Existing home sales remain ahead of last year’s pace, with nearly 295,000 homes sold in April, up 1.2% year-over-year. While some buyers have hit pause as rates moved higher, overall demand remains resilient and continues to outpace last year’s levels.