Mortgage Rates This Week
According to Freddie Mac’s Primary Mortgage Market Survey released April 23, the 30-year fixed-rate mortgage averaged 6.23%, down from 6.30% the prior week and well below the 6.81% average from a year ago. That’s the lowest reading we’ve seen across the last three spring homebuying seasons. The 15-year fixed slid to 5.58%, down from 5.65% the previous week.
The downward drift in rates has been gradual but steady through April, and rates remain meaningfully below where they sat last spring. If you’ve been on the sidelines waiting for a better entry point, the current rate environment is the most favorable we’ve had in over three years.
Mortgage Application Activity
The Mortgage Bankers Association reported that total mortgage applications rose 7.9% for the week ending April 17. Purchase applications jumped 10% week-over-week and are running 14% ahead of the same week last year — a strong signal that buyers are stepping back into the market as rates ease. Refinance applications climbed 6% week-over-week and are now 52% higher than a year ago, as homeowners with higher-rate loans take advantage of the lower environment.
The MBA noted that housing demand is being supported by a still-resilient job market, and that buyers in most parts of the country are encountering a buyer’s market thanks to higher inventory levels relative to last year.
National Housing Overview
The most recent NAR Existing-Home Sales report (March 2026, released April 13) showed sales running at a seasonally adjusted annual pace of 3.98 million, a 3.6% decline from the prior month. The national median sale price set a new March record at $408,800, up 1.4% year-over-year — the 33rd consecutive month of year-over-year price gains. Inventory rose to a 4.1-month supply, up from 3.8 months in February and 4.0 months a year ago.
The NAR Housing Affordability Index registered 113.7 in March, down slightly from 117.5 in February but well above the 104.2 reading from a year ago, meaning the typical family earns roughly 14% more than what’s needed to qualify for a mortgage on a median-priced home.
On the forward-looking side, the NAR Pending Home Sales Index (released April 21) rose 1.5% month-over-month in March to a reading of 73.7, though it remains 1.1% below the year-ago level. NAR Chief Economist Lawrence Yun noted that contract signings rose despite higher rates earlier in the quarter, pointing to pent-up demand that should translate into more closed sales as inventory continues to grow.
What This Means
If you’re buying: The combination of falling rates, growing national inventory, and improving affordability is the most buyer-friendly setup we’ve seen in three spring seasons. Locally, San Diego inventory is still tight relative to national averages, so well-priced listings continue to move — but you have more leverage on negotiation, contingencies, and rate buy-downs than you did at this time last year.
If you’re selling: Lower rates are pulling buyers off the sidelines, and purchase applications climbing 14% year-over-year means real demand is showing up. Pricing strategy and presentation matter more than ever — homes priced correctly out of the gate are still attracting strong activity, while overpriced listings are sitting longer.
Frederick Blum · Broker · DRE# 02040760 · NMLS# 1914546 · (619) 366-2000 · frederick@blumrg.com
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