Mortgage rates edge lower as inflation continues to slow

Mortgage rates fell for a fifth straight week, according to weekly data compiled by mortgage buyer Freddie Mac.

The 30-year fixed-rate mortgage (FRM) averaged 6.27% as of April 13, down from 6.28% recorded last week. One year ago, the 30-year FRM averaged 5.00%.

Meanwhile, the 15-year fixed-rate mortgage averaged 5.54%. Last week it averaged 5.56%. At the same time in 2022, the 15-year FRM averaged 4.17%.

"Mortgage rates decreased for the fifth consecutive week," said Sam Khater, Freddie Mac’s Chief Economist.