Mortgage rates eased

Mortgage rates moved lower over the weekend, with Zillow listing the average 30-year fixed loan at 6.125% on April 12 after updating the page on April 10. (zillow.com) Yahoo Finance, citing Zillow data, put the same 30-year fixed average at 6.15% on April 12, down 7 basis points from the prior weekend. Norada Real Estate reported the same 6.15% figure and listed the 15-year fixed rate at 5.64%. (finance.yahoo.com) (noradarealestate.com) Zillow’s rate page also showed a 15-year fixed rate of 5.625% and a 7/6 adjustable-rate mortgage at 6.25% as of April 12. Adjustable-rate mortgages start with a fixed period and then reset later, unlike a 30-year fixed loan that keeps the same rate for the full term. (zillow.com) The move leaves daily quoted rates below Freddie Mac’s weekly average of 6.37% for 30-year fixed mortgages in the week ending April 9. Freddie Mac’s same survey put the 15-year fixed average at 5.74%. (usatoday.com) (freddiemac.com) That gap reflects two different measures. Zillow posts daily marketplace rates, while Freddie Mac’s Primary Mortgage Market Survey tracks a weekly national average and has been published since 1971. (zillow.com) (freddiemac.com) Mortgage rates often track the 10-year Treasury yield, which fell to 4.277% on April 9 from 4.349% on April 6, according to Mortgage News Daily’s Treasury data. The Mortgage Reports said the 10-year yield was 4.317% on April 12 and linked the calmer bond market to lower mortgage pricing. (mortgagenewsdaily.com) (themortgagereports.com) The spring homebuying season is starting with rates still above 6%, even after this weekend’s dip. MSN, citing Freddie Mac data, said the weekly average mortgage rate eased to 6.37% for the week ending April 9. (msn.com) (usatoday.com) Refinancing remains a separate calculation from purchase loans, but rate shoppers are also seeing lower numbers there. NerdWallet listed the national average annual percentage rate for a 30-year fixed refinance at 5.87% on April 13, while Forbes Advisor put the average annual percentage rate for the same product at 6.43% based on Mortgage Research Center data. (nerdwallet.com) (forbes.com) For borrowers, the weekend drop is real but small: 7 basis points means 0.07 percentage point. The bigger picture is that mortgage costs have edged down from the prior weekend without breaking out of the 6% range. (finance.yahoo.com) (zillow.com)