{"id":227301,"date":"2023-04-17T15:26:20","date_gmt":"2023-04-17T19:26:20","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/articles\/?p=227301"},"modified":"2023-04-20T10:38:35","modified_gmt":"2023-04-20T14:38:35","slug":"mortgage-rates-decrease-for-fifth-straight-week","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week","title":{"rendered":"Mortgage rates decrease for fifth straight week"},"content":{"rendered":"

<\/h4>\n
\"\"<\/a>
Adobe Stock\/fotopak<\/figcaption><\/figure>\n\n\n\n

The 30-year fixed-rate mortgage rate decreased for the fifth consecutive week, averaging 6.27% for the week of April 13, according to the latest Primary Mortgage Market Survey from Freddie Mac<\/a>. A year ago at this time, the rate averaged 5%.<\/p>\n\n\n\n

\u201cIncoming data suggests inflation remains well above the desired level but showing signs of deceleration,\u201d says Freddie Mac chief economist Sam Khater. \u201cThese trends, coupled with tight labor markets, are creating increased optimism among prospective home buyers as the housing market hits its peak in the spring and summer.\u201d<\/p>\n\n\n\n

The optimism is not translating to sellers in the existing-home market, with data from Redfin<\/a> suggesting new listings of homes for sale dropped 25% from a year earlier during the four weeks ending April 9. The number of new listings has decreased in each of the last eight months as mortgage rates remain over double levels seen for the majority of 2022. As a result, pending sales have declined 19% year over year nationally, according to Redfin.<\/p>\n\n\n\n

New listings fell in each of the 50 most populous metros, with the largest declines occurring in large California<\/a> metros such as Sacramento<\/a> (47% year-over-year declines), Oakland (47% decline), San Francisco<\/a> (43.2% decline), San Jose<\/a> (42.9% decline), and San Diego<\/a> (41.4% decline).<\/p>\n\n\n\n

According to Redfin, 85% of homeowners have rates far below 6% and, as a result, are reluctant to list their homes and give up their lower rates. Well-priced homes in the existing-home market are being \u201csnapped up\u201d in bidding wars in markets where demand is outpacing supply.<\/p>\n\n\n\n

While pending sales in the existing-home market are down, home buyers are increasingly enticed by lower mortgage rates and entering the market. According to the Mortgage Bankers Association\u2019s (MBA) Weekly Mortgage Applications survey<\/a>, mortgage applications increased 5.3% from the previous week for the week ending April 7. The seasonally adjusted purchase index increased 8% from the previous week.<\/p>\n\n\n\n

\u201cProspective home buyers this year have been quite sensitive to any drop in mortgage rates, and that played out last week with purchase applications increasing 8%,\u201d says MBA senior vice president and chief economist Mike Fratantoni. \u201cRefinance application volume was a mixed bag with total volume essentially flat, conventional volume down for the week, but VA<\/a> refinance volume increasing. The level of refinancing activity remains almost 60% below last year, as most homeowners are currently locked in at much lower rates.\u201d<\/p>\n\n\n\n

According to Redfin chief economist Daryl Fairweather, even if mortgage rates decrease more in the coming weeks, the limited supply of homes for sale would \u201cremain a major obstacle for would-be buyers.\u201d<\/p>\n\n\n\n

\u201cRates dipping below 6% would probably pique the interest of more buyers, but enough homeowners have rates in the 3% or 4% range that we\u2019re unlikely to see a big uptick in new listings,\u201d Fairweather says.<\/p>\n\n\n\n

This story originally appeared on Livabl’s sister site <\/em>BUILDER<\/em> Online<\/a>.<\/em><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Despite cooling interest rates, activity in the existing-home market remains constrained by low-rate homeowners reluctant to list their homes.<\/p>\n","protected":false},"author":49,"featured_media":227302,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2023-04-17T19:26:24Z","apple_news_api_id":"67c70f05-d3dd-471d-9a20-45e4b6fb139b","apple_news_api_modified_at":"2023-04-17T19:26:24Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AZ8cPBdPdRx2aIEXktvsTmw","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11202,11002],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\nMortgage rates decrease for fifth straight week | Livabl<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates decrease for fifth straight week | Livabl\" \/>\n<meta property=\"og:description\" content=\"Despite cooling interest rates, activity in the existing-home market remains constrained by low-rate homeowners reluctant to list their homes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week\" \/>\n<meta property=\"og:site_name\" content=\"Livabl\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-17T19:26:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T14:38:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Livabl\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Livabl\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week\",\"url\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week\",\"name\":\"Mortgage rates decrease for fifth straight week | Livabl\",\"isPartOf\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg\",\"datePublished\":\"2023-04-17T19:26:20+00:00\",\"dateModified\":\"2023-04-20T14:38:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/36764230a969f18fc6dc798c5a4daedf\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage\",\"url\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg\",\"contentUrl\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg\",\"width\":800,\"height\":533,\"caption\":\"mortgage rates -- a model of a single-family home on top of paper money\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Articles\",\"item\":\"https:\/\/www.livabl.com\/articles\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/www.livabl.com\/articles\/news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Mortgage rates decrease for fifth straight week\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#website\",\"url\":\"https:\/\/www.livabl.com\/articles\/\",\"name\":\"Livabl\",\"description\":\"Building New Home Dreams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.livabl.com\/articles\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/36764230a969f18fc6dc798c5a4daedf\",\"name\":\"Livabl\",\"url\":\"https:\/\/www.livabl.com\/articles\/author\/livabl\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage rates decrease for fifth straight week | Livabl","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week","og_locale":"en_US","og_type":"article","og_title":"Mortgage rates decrease for fifth straight week | Livabl","og_description":"Despite cooling interest rates, activity in the existing-home market remains constrained by low-rate homeowners reluctant to list their homes.","og_url":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week","og_site_name":"Livabl","article_published_time":"2023-04-17T19:26:20+00:00","article_modified_time":"2023-04-20T14:38:35+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg","type":"image\/jpeg"}],"author":"Livabl","twitter_misc":{"Written by":"Livabl","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week","url":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week","name":"Mortgage rates decrease for fifth straight week | Livabl","isPartOf":{"@id":"https:\/\/www.livabl.com\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage"},"image":{"@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage"},"thumbnailUrl":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg","datePublished":"2023-04-17T19:26:20+00:00","dateModified":"2023-04-20T14:38:35+00:00","author":{"@id":"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/36764230a969f18fc6dc798c5a4daedf"},"breadcrumb":{"@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#primaryimage","url":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg","contentUrl":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/04\/AdobeStock_55999982-1-1.jpg","width":800,"height":533,"caption":"mortgage rates -- a model of a single-family home on top of paper money"},{"@type":"BreadcrumbList","@id":"https:\/\/www.livabl.com\/articles\/news\/mortgage-rates-decrease-for-fifth-straight-week#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Articles","item":"https:\/\/www.livabl.com\/articles"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/www.livabl.com\/articles\/news"},{"@type":"ListItem","position":3,"name":"Mortgage rates decrease for fifth straight week"}]},{"@type":"WebSite","@id":"https:\/\/www.livabl.com\/articles\/#website","url":"https:\/\/www.livabl.com\/articles\/","name":"Livabl","description":"Building New Home Dreams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.livabl.com\/articles\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/36764230a969f18fc6dc798c5a4daedf","name":"Livabl","url":"https:\/\/www.livabl.com\/articles\/author\/livabl"}]}},"_links":{"self":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts\/227301"}],"collection":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/comments?post=227301"}],"version-history":[{"count":0,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts\/227301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/media\/227302"}],"wp:attachment":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/media?parent=227301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/categories?post=227301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/tags?post=227301"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/coauthors?post=227301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}