Mortgage rates linger below 7 percent after reaching four-week low

Mortgage rates are lingering right below 7 percent after reaching a four-week low last Friday.

The weekly national average for 30-year mortgage rates has hit 6.36 percent, according to Bankrate, and the national average for 15-year mortgage rates has hit 5.73 percent.

It follows a February drop below 6 percent for 30-year mortgages, which happened for the first time in more than three years. But starting in March, rates started to tick up.

Homeowners are hoping to see lower rates stick as predicted by Fannie Mae. The Federal Housing Finance Agency said rates are expected to hit 5.7 percent by the fourth quarter, the Wall Street Journal reported.

The outlet warned that global events and inflation rates could impact the projected lower mortgage rates. 

The Federal Reserve’s decision to lower interest rates to 2.4 percent has positively influenced the housing market, which faced a 30-year low in 2025.

The Fed’s Board of Governors is expected to meet on Monday but is not expected to cut interest rates as it awaits the economic impact from the Iran war and navigating tariff refunds. 

Treasury Secretary Scott Bessent said governors are being smart by waiting and watching. 

“The impetus here is they will need to cut rates … [but] if they want to wait for some clarity, I understand that,” Bessent recently told reporters during a roundtable, according to Politico.

The Trump administration is awaiting the senate confirmation of Federal Reserve Chair nominee Kevin Warsh after clashes with the current chairman, Jerome Powell.

Bessent said Warsh will likely move to cut interest rates at the start of his proposed tenure.

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