Cheaper loans offered some relief, but demand and sales still lagged
US mortgage rates notched a second straight decline this week, giving rate‑weary borrowers a bit more breathing room even as the spring homebuying season remained unusually subdued.
Freddie Mac’s latest Primary Mortgage Market Survey showed the average 30‑year fixed mortgage at 6.30% for the week ending April 16, down from 6.37% a week earlier and 6.83% a year ago.
The 15‑year fixed averaged 5.65%, easing from 5.74% and down from 6.03% a year earlier.
Freddie Mac chief economist Sam Khater said the move took rates to “a four‑week low of 6.30%” and called it “a meaningful improvement for homebuyers during what is typically the busy spring homebuying season.”
Borrowing remained expensive by pre‑pandemic standards, but the latest decline came after a volatile stretch in March, when geopolitical tensions and a war with Iran pushed Treasury yields and mortgage pricing higher.
The 10‑year Treasury hovered around 4.29% this week, roughly in line with last week but up from late‑February levels near 3.97%, keeping lenders cautious on pricing.
Mortgage demand data pointed to only tentative buyer interest. The Mortgage Bankers Association reported that overall applications rose 1.8% in the week ending April 10, the first increase in five weeks.
However, the trade group noted that “purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty.”
Data from the Mortgage Bankers Association (MBA) showed overall applications rose 1.8% in the week ending April 10. That's the first increase in five weeks after a 0.8% decline the week before.https://t.co/NWxKCUFISI
— Mortgage Professional America Magazine (@MPAMagazineUS) April 15, 2026
Industry voices in recent months have warned that higher‑for‑longer rates, war‑driven volatility and weak consumer confidence could sap the usual spring rebound.
Glen Weinberg, a mortgage executive with Fairview Lending, told Mortgage Professional America that the Iran conflict would “almost certainly hit the spring housing market,” while others pointed to new‑home weakness and a deeper reliance on incentives to keep deals moving.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
