The dip in mortgage rates may give buyers more room and offer a modest lift as the spring housing market continues to gain traction.
Washington – Mortgage rates eased slightly this week after several weeks of climbing from their late-February most recent low of 5.98%, offering a potential boost for spring home shoppers.
The 30-year fixed-rate mortgage averaged 6.37% this week, down from last week’s 6.46% average, according to Freddie Mac.
“Mortgage rates ticked down this week,” says Sam Khater, Freddie Mac’s chief economist. “The decrease in rates represents a positive development for prospective home buyers and could spark a more favorable spring homebuying season than last year.”
Even so, the housing market has been slow to gain momentum this spring, despite modest improvements in housing affordability. The National Association of Realtors® will release its March existing-home sales data on Monday, which will offer a clearer picture of whether recent gains are continuing. Existing-home sales posted a 1.7% increase in February but remain below year-ago levels. NAR housing data also showed pending home sales — a leading indicator based on contract signings — edged up 1.8% month over month in February but are still slightly down compared to a year earlier.
Buyers, highly sensitive to rate changes, are watching closely. The Mortgage Bankers Association reports that purchase applications for mortgages fell 7% from a year ago — marking the first annual decline in over a year after a stretch of double-digit increases earlier in 2026.
Still, some segments are showing resilience. “Certain loan types and geographic segments are faring better than others because of lower rates on ARM and FHA loans as well as growing housing inventory in some markets,” Joel Kan, an MBA economist, said in a statement. FHA purchase applications, for example, rose 5% week over week, supported by rates roughly 30 basis points below conventional loans.
Looking ahead, economists are hopeful mortgage rates could further ease following recent geopolitical developments. A two-week ceasefire announcement tied to tensions with Iran helped push down the 10-year Treasury yield—which often influences the direction of mortgage rates.
Mortgage rates this week
Freddie Mac reported the following national averages for mortgage rates for the week ending April 9:
- 30-year fixed-rate mortgages: averaged 6.37%, falling from last week’s 6.46% average. A year ago, 30-year rates averaged 6.62%.
- 15-year fixed-rate mortgages averaged 5.74%, falling from last week’s 5.77% average. A year ago, 15-year rates averaged 5.82%.
© 2026 National Association of Realtors® (NAR)
