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

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The average 30-year fixed-rate mortgage rose to 6.30% for the week ending April 30, 2026, up from 6.23% the prior week, Freddie Mac said Thursday.

The 15-year fixed rate also rose, averaging 5.64%, compared with 5.58% last week. Both rates remain below year-ago levels.

“As rates had modestly declined the last few weeks, purchase demand has accelerated with purchase applications rising to over 20% above a year ago,” said Sam Khater, Freddie Mac’s chief economist.

“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.”

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Affordability Still A Barrier

The pickup in demand comes against a difficult affordability backdrop.

A WalletHub analysis showed Hawaii homeowners spend over 50% of their median monthly income on housing. California follows at 43%. At the national level, the average 30-year fixed rate stood at 6.18% in March, yet existing home sales still fell 3.6% from February to an annual pace of 3.98 million units — the slowest in nine months.

The National Association of Realtors (NAR) also cut its 2026 home sales growth forecast to 4%, down from an earlier projection of 14%, citing ongoing affordability pressure and economic uncertainty.

U.S. property taxes rose 3.7% in 2025 to nearly $397 billion, even as average home values fell 1.7%, pushing the national effective tax rate to its highest since 2020.

Supply Runs Short

Rates are only part of the problem. The Council of Economic Advisers estimates the U.S. faces a housing shortfall of at least 10 million single-family homes, driven by zoning restrictions, permitting delays, and elevated construction costs a structural gap traced to the long slowdown in homebuilding after the 2008 financial crisis.

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On the credit side, Fannie Mae and Freddie Mac announced they will accept mortgages evaluated using VantageScore 4.0, marking the first major overhaul of mortgage credit scoring models in decades. The move is aimed at expanding access for borrowers who fall outside older scoring systems.

Rates Under Pressure

Geopolitical tensions continue to pressure borrowing costs. U.S.-Iran peace talks have stalled, pushing the 10-year Treasury above 4.3%. OECD projects 2026 inflation at 4.2%, keeping rate relief limited in the near term.

The administration has also signed an executive order to deregulate the mortgage market, claiming potential savings of around $5,000 per mortgage through reduced compliance costs, though structural affordability challenges persist across most major markets.

Image via Shutterstock

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