Mortgage rates moved lower this week despite market volatility driven by trade and interest rate headlines.
Yahoo Finance Senior Reporter Claire Boston joins Wealth to break down the latest numbers and highlight new Redfin data showing home prices falling in 11 US metro areas.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
Mortgage rates for the week ending April 24th are out. Yahoo Finances, Claire Boston, joins me now with the numbers. Hey, Claire.
Hi, Brad. So the 30-year mortgage rate this week is 6.81%. That is little changed from 6.83% a week ago. 15-year mortgage rates this week were 5.94%. That is down slightly from 6.03% last week. So, I think the rates this week are pretty interesting because we had a relatively volatile week in the stock and the bond market, uh, you know, just based on some of President Trump's tweets about his desire for lower interest rates and his unhappiness with the Fed chairman, as well as just continued tariff negotiation headlines. Uh, but ultimately, we didn't see a big move in mortgage rates just because it was kind of an up one day, down the next sort of week here. And one thing that I keep hearing is that it remains really hard to predict where we're going to head from here with mortgage rates, just given so many question marks about trade and tariffs especially.
Yeah, tied to the news, we have a statement from the chief economist over at Freddie Mac saying, "Over the last couple of months, the 30-year fixed rate mortgage has fluctuated less than 20 basis points and this stability continues to bode well for buyers and sellers alike." I wonder, and and I ask you, Claire, we talk a lot about how expensive it's gotten to buy a home, but Redfin has new data about cities where home prices are starting to fall. What are we seeing there?
That's right. So Redfin pointed out that there are now 11 metro areas where prices have been falling in the past month. That is the most in about a year and a half. Um, they highlighted a few cities in particular. San Antonio prices are down 3.7%, Oakland down 3 and 1/2%, Jacksonville 2.2%. You know, these are generally cities in the South and the Midwest where there has been really strong home building in recent years. You know, they have a little bit more supply and we are starting to see that. You know, just given where people are, they're very constrained. Uh, but there's just more availability in some of those markets than, you know, kind of in the Northeast where things are very, very tight still.
Claire, thanks so much for breaking down the numbers. Once again, 30-year fixed rate mortgage average averaging 6.81% and the 15-year fixed rate mortgage averaging 5.94%. Appreciate it, Claire.
Thanks, Brad.
