US Long-Term Mortgage Rate Drops After 5-Week Rise

The average rate on long-term mortgages in the US declined this week, providing modest relief for potential homebuyers facing higher borrowing costs.

Apr. 9, 2026 at 5:34pm

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An extreme close-up of heavy, textured banking machinery and mechanisms in shades of steel gray, bronze, and black, conceptually representing the institutional infrastructure of the mortgage and finance industry.The decline in mortgage rates, while modest, provides some relief for prospective homebuyers facing higher borrowing costs amid the Federal Reserve's ongoing interest rate hikes.Plainview Today

The average rate on long-term mortgages in the United States fell this week, giving a modest reprieve to prospective homebuyers who have faced higher debt costs amid the Federal Reserve's ongoing interest rate hikes to combat inflation. The average rate on a 30-year fixed-rate mortgage dropped to 6.37% from 6.42% the previous week, according to data released by mortgage buyer Freddie Mac.

Why it matters

The decline in mortgage rates, even if modest, could help make home purchases more affordable for some buyers at a time when high inflation and rising interest rates have made it increasingly difficult for many Americans to afford a home. However, rates remain significantly higher than a year ago, when the average 30-year fixed-rate mortgage stood at just 3.55%.

The details

The average rate on a 30-year fixed-rate mortgage fell to 6.37% this week, down from 6.42% the previous week, according to Freddie Mac. The average rate on a 15-year fixed-rate mortgage also declined, dropping to 5.75% from 5.80% a week earlier. Mortgage rates have been on an upward trend for much of the past year as the Federal Reserve has aggressively raised its benchmark interest rate to combat high inflation.

  • The average 30-year fixed mortgage rate fell to 6.37% this week.
  • The previous week, the average 30-year fixed rate was 6.42%.

The players

Freddie Mac

A government-sponsored enterprise that buys and guarantees mortgages, providing data on average mortgage rates.

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The takeaway

While the decline in mortgage rates provides some relief, rates remain significantly higher than a year ago, continuing to make home purchases unaffordable for many Americans as the Federal Reserve's interest rate hikes persist.