MW Mortgage rates increase to 6.3%, but that's not stopping home buyers

Andrew Keshner

The average rate on a 30-year mortgage is still lower than it was a year ago

Buyers and sellers are trying to find their footing this spring.

Mortgage rates increased this week, reversing a three-week decline, but buyers don't seem to be retreating.

The average rate on a 30-year fixed-rate mortgage climbed to 6.3% from 6.23% a week earlier, Freddie Mac (FMCC) said Thursday, putting the rate back where it was in mid-April.

"As rates had modestly declined the last few weeks, purchase demand has accelerated," said Sam Khater, chief economist at Freddie Mac.

The backstory is a spring home-buying season in which buyers and sellers are trying to find some footing despite economic volatility resulting from the war with Iran.

After dropping below 6% for the first time since 2022 just prior to the start of the Iran war on Feb. 28, mortgage rates climbed last month as oil prices soared, rekindling inflation worries. Mortgage rates tend to follow the yield on the 10-year Treasury note BX:TMUBMUSD10Y.

For most of April, mortgage rates fell in response to a cease-fire and softening gasoline prices, but in the past week, oil and gas prices have again increased as the standoff in the Middle East grinds on.

Although the spring season got off to a rocky start in March, there are some indications buyers aren't getting spooked easily this month.

"It is clear that purchase demand continues to hold up as prospective buyers react to both modestly lower rates and more inventory to choose from than the last few years," Khater said.

Pending home sales for the four-week period ending April 26 saw the biggest jump in six weeks, according to Redfin.

Mortgage rates are still lower than they were last spring, when they averaged 6.76%, Freddie Mac data show.

Despite a slight decrease in mortgage applications last week, Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said that "homebuyers this spring seem to be stepping back into the market, making the most of improved inventory levels across much of the country."

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-Andrew Keshner

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April 30, 2026 12:11 ET (16:11 GMT)

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