30-Year Mortgage Rate Ticks Up to 6.46% as Spring Homebuying Season Heats Up
Event summary
- The 30-year fixed-rate mortgage averaged 6.46% as of April 2, 2026, up from 6.38% the previous week.
- A year ago, the 30-year FRM averaged 6.64%, indicating a slight year-over-year decline.
- The 15-year FRM averaged 5.77%, up from 5.75% the previous week, but down from 5.82% a year ago.
- Freddie Mac's Chief Economist Sam Khater advised buyers to shop around for the best rates to save thousands.
The big picture
The slight uptick in the 30-year fixed-rate mortgage comes as the spring homebuying season gains momentum. While rates remain lower than a year ago, the recent increase could test buyer sensitivity to affordability. Freddie Mac's survey highlights the importance of rate shopping, reflecting ongoing market dynamics where even small rate changes can significantly impact borrowing costs. The housing market's resilience will depend on how buyers and sellers navigate these conditions.
What we're watching
- Rate Volatility
- How further fluctuations in mortgage rates will impact spring homebuying demand.
- Consumer Behavior
- Whether aspiring buyers will respond to rate changes by adjusting their purchasing timelines.
- Economic Indicators
- The pace at which broader economic conditions will influence long-term mortgage rate trends.
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