Mortgage rates fell for a third straight week, with the average 30-year fixed loan dropping to 6.23 percent from 6.3 percent, the lowest level since March 19. That gave the spring housing market a short-term lift after weeks of wobble, and it pushed rates back below 6.3 percent for the first time in more than a month.
The move tracks easing in the bond market and a calmer tone around the Middle East ceasefire, after the lower oil-price trend helped pull borrowing costs down. Freddie Mac said rates are at their lowest level in the last three spring homebuying seasons, while the average 15-year mortgage slipped to 5.58 percent from 5.65 percent.
That has already brought buyers back. Mortgage Bankers Association data showed purchase applications rose 10 percent in the latest week and refinance demand climbed 6 percent, while total application volume increased 7.9 percent; one brokerage also said new listings were up 3 percent over the four weeks through April 19, signaling a small spring rebound.
The bigger test is whether the drop sticks. Lisa Sturtevant of Bright MLS said rates will likely stay volatile through the spring, and that the market needs sustained stability in global energy prices and a clearer downtrend in inflation to regain full momentum, especially with the war with Iran still casting a shadow over spring homebuying.
