SAN FRANCISCO, April 23, 2026, 05:12 PDT
Mortgage rates in the U.S. slipped for another week, prompting a comeback from homebuyers: loan applications for purchases jumped roughly 10% just as the spring selling period hits its stride. Freddie Mac pegged the 30-year fixed at 6.30%, a notch down from last week’s 6.37%. CNBC, referencing Mortgage Bankers Association figures, put the average rate for the standard 30-year loan at 6.35%, compared with 6.42% before.
That’s important with contracts already picking up even ahead of this week’s drop in rates. Pending home sales—which count signed agreements still waiting to close—ticked up 1.5% in March. Lawrence Yun, chief economist for the National Association of Realtors, described the move as a sign of “pent-up housing demand.” NAR
Mortgage applications jumped 7.9% for the week ending April 17, according to the MBA. Purchase applications were up 10% from the previous week, sitting 14% higher than this time last year. Refinancing activity gained 6%—that figure stood 52% ahead of the same week in 2025.
Buyers now have more negotiating power across many regions, thanks to a combination of falling rates and an uptick in homes hitting the market, according to Mike Fratantoni, chief economist at the MBA. Over at Freddie Mac, chief economist Sam Khater described the year-over-year decline as a “meaningful improvement” for anyone shopping for a home this spring. Realtor
Daily rate trackers pointed in the same general direction, but figures varied. According to Fortune, Optimal Blue put the average 30-year fixed mortgage rate at 6.231% early Thursday. Zillow’s numbers, also noted by Fortune, showed the average 30-year refinance rate at 6.26% on Wednesday.
Lower borrowing costs haven’t managed to bring down prices everywhere. NBC Bay Area noted 30-year mortgage rates hovered near 6.3% this spring and more homes hit the market, yet median sale prices in San Francisco, San Mateo, and Santa Clara counties stayed north of $2 million. Realtor Lynsie Gridley said even minor drops in rates “puts a little bit of ease” on monthly payments. NBC Bay Area
The divide is clear in the housing sector. This week, D.R. Horton executive chairman David Auld pointed out that “affordability constraints” and wary buyer attitudes continue to drag on demand for new homes. Over at PulteGroup, CEO Ryan Marshall echoed that theme, noting buyers’ “concerns about affordability and the economy” after the company reported a drop in first-quarter profit and revenue. Reuters
Stubborn borrowing costs remain a concern. According to a Reuters poll out Thursday, economists are now betting the Federal Reserve holds rates steady for at least another half-year, most of them predicting no change through September while energy-fueled inflation lingers at elevated levels. That could mean spotty mortgage relief ahead, even if weekly rates show some improvement.
Yun notes first-time buyers are still highly rate-sensitive, and there’s a shortage of affordable, smaller homes on the market. The latest figures point to buyers returning fast as borrowing costs dip. But in pricier regions such as the Bay Area, steep prices remain the main barrier.
