Mortgage Rates Tick Up To 6.30% But Buyer Demand Is Robust, Freddie Mac Says

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The mean 30-year fixed-rate owe roseate to 6.30% for the week ending April 30, 2026, up from 6.23% the anterior week, Freddie Mac said Thursday.

The 15-year fixed complaint besides rose, averaging 5.64%, compared with 5.58% past week. Both rates stay beneath year-ago levels.

“As rates had modestly declined the past fewer weeks, acquisition request has accelerated with acquisition applications rising to implicit 20% supra a twelvemonth ago,” said Sam Khater, Freddie Mac’s main economist.

“It is wide that acquisition request continues to clasp up arsenic prospective buyers respond to some modestly little rates and much inventory to take from than the past fewer years.”

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Affordability Still A Barrier

The pickup successful request comes against a hard affordability backdrop.

A WalletHub investigation showed Hawaii homeowners walk implicit 50% of their median monthly income connected housing. California follows astatine 43%. At the nationalist level, the mean 30-year fixed complaint stood astatine 6.18% successful March, yet existing location income inactive fell 3.6% from February to an yearly gait of 3.98 cardinal units — the slowest successful 9 months.

The National Association of Realtors (NAR) also chopped its 2026 location income maturation forecast to 4%, down from an earlier projection of 14%, citing ongoing affordability unit and economical uncertainty.

U.S. spot taxes roseate 3.7% successful 2025 to astir $397 billion, adjacent arsenic mean location values fell 1.7%, pushing the nationalist effectual taxation complaint to its highest since 2020.

Supply Runs Short

Rates are lone portion of the problem. The Council of Economic Advisers estimates the U.S. faces a lodging shortfall of astatine slightest 10 cardinal single-family homes, driven by zoning restrictions, permitting delays, and elevated operation costs a structural spread traced to the agelong slowdown successful homebuilding aft the 2008 fiscal crisis.

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On the recognition side, Fannie Mae and Freddie Mac announced they volition judge mortgages evaluated utilizing VantageScore 4.0, marking the archetypal large overhaul of owe recognition scoring models successful decades. The determination is aimed astatine expanding entree for borrowers who autumn extracurricular older scoring systems.

Rates Under Pressure

Geopolitical tensions proceed to unit borrowing costs. U.S.-Iran bid talks person stalled, pushing the 10-year Treasury supra 4.3%. OECD projects 2026 ostentation astatine 4.2%, keeping complaint alleviation constricted successful the adjacent term.

The medication has besides signed an enforcement bid to deregulate the owe market, claiming imaginable savings of astir $5,000 per owe done reduced compliance costs, though structural affordability challenges persist crossed astir large markets.