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Mortgage interest rates edged modestly lower this week as the Iran ceasefire was extended. Day-to-day we’ve seen rates rise and fall, but the moves have been small enough that rates are more or less stable.
The average rate on a 30-year fixed-rate mortgage fell to 6.10% APR in the week ending April 23, according to rates provided to NerdWallet by Zillow. We calculate our weekly average using daily APRs recorded over the last five business days.
Fed unlikely to influence mortgage rates
That level of uncertainty makes it harder to predict where mortgage rates are headed on any given day. But bear in mind that so far in April, average APRs have stayed within a roughly 30-basis-point range. (A basis point is one one-hundredth of a percentage point.) That not-quite-third of a percentage point isn’t likely to make or break a home buyer’s decision.
That said, the perception that mortgage rates are high might. While the average 30-year APR is actually down 90 basis points compared to this week last year, potential home buyers are probably using a more recent frame of reference. In the days before the Iran war began, sub-6% APRs were making headlines. Even if we’re only 10 basis points above that 6% threshold now, a rate that starts with 5% feels a lot lower.
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Why buyers remain hesitant
To be fair, no matter where mortgage rates are, it’s hard to commit to a massive decision like a home purchase when it feels like the fate of the free world could be hanging by a social media post. “People are much more careful in pulling the trigger” on a home purchase, said Melissa Cohn, a regional vice president at William Raveis Mortgage, via email. “I have a large number of people who continue to extend their preapproval letters,” signaling that even folks who are actively house-hunting are reluctant to commit.
Recent data from the National Association of Realtors show more reasons buyers might balk. At $408,800, the median sale price for existing homes hit a record high for the month of March. A lack of homes for sale continues to keep prices high. Inventory has risen from its 2022 nadir, but it’s still well below pre-pandemic norms.
“If you’ve been waiting for the market to flood with options, that might not happen,” said Mike Miedler, president and CEO of Century 21 Real Estate in an emailed commentary. But, he continued, “buyers who show up prepared are finding opportunity — and sellers who are more willing to work with them.”
Miedler also emphasized that national numbers may not reflect buyers’ on-the-ground realities, depending on their location. “A buyer in Connecticut is in a completely different market than one in Houston or San Antonio,” he said. (Coincidentally, I’m in Connecticut and my editor is in Houston; we can both vouch for this.)
