What's Happening Today

Shopping for a home or thinking about a refinance? Here is what matters for you today. A softer wholesale inflation report eased market fears first. Then calmer Middle East headlines pushed oil prices lower. That chain helped mortgage pricing improve. Mortgage News Daily's national rate index shows the 30-year fixed national average at 6.33%. That is down 0.06% from the prior day. These are nationwide averages from Mortgage News Daily, not quotes or advertised rates from Homeseed Lending Team. Weekly changes can differ from same-day pricing, so your actual rate depends on your loan details, credit, and timing.

Today's Mortgage Rate Averages

Product	Rate	Daily
30-Yr Fixed	6.33%	▼ -0.06%
15-Yr Fixed	5.97%	▼ -0.02%
FHA	5.90%	▼ -0.02%
Jumbo	6.55%	▼ -0.01%
7/6 ARM	5.99%	▼ -0.07%
VA	5.92%	▼ -0.02%

Source: Mortgage News Daily National Rate Index · Updated today

These figures are nationwide averages from Mortgage News Daily, not a quote, offer, or advertised rate or APR from Homeseed Lending Team.

Lower inflation gave rates some breathing room

The March Producer Price Index came in below forecasts. Headline wholesale inflation rose 0.5% for the month, under the 1.1% expected.
The core reading, which leaves out food and energy, increased 0.1%. That was also below the 0.5% forecast.
Year-over-year core inflation held at 3.8% after earlier months were revised lower by 0.2%age points.

Because wholesale inflation ran cooler than expected, markets saw less near-term pressure on mortgage rates.

Calmer oil news helped the market mood

MBS Highway, a market analytics service, said U.S. and Iran talks appear to be moving forward. That reduced some immediate worry around the Strait of Hormuz.
Reports that Iran may pause uranium enrichment added to the better tone. Oil prices moved lower as those headlines hit.
With oil falling, bond prices that drive mortgage rates improved a bit, while the 10-year U.S. government bond was roughly flat.

Less fear around energy supply helped create a better backdrop for mortgage rates today.

Housing demand cooled as buyers pulled back

The MBS Highway national housing index fell 5 points from the prior month to 42. That left it 6 points below the same point last year.
Buyer activity dropped to 42 from March, an 11-point decline. Only 24% of respondents called demand active, down from 33% before.
Price trends stayed mostly steady. The survey found 56% saw stable prices, 13% saw increases, and 31% saw declines.

Higher borrowing costs still look like they are slowing demand, which may mean less competition for buyers and fewer offers for sellers.

What could move mortgage rates next

Mortgage News Daily said the bond market was mostly flat overnight and a little weaker early on. Even after today's better inflation news, traders still see some risk ahead.
Parts of the wholesale inflation report that feed into the Fed's preferred inflation measure ran a bit firmer. Fuel costs could still show up in later data.
ADP reported private employers added an average of 39,000 jobs per week over the latest four-week period. That was up from 26,000 before, which points to stronger hiring if the trend holds.

Today's rate relief is real, but steady job growth and sticky inflation details could still cause sharp swings during the trading day.

Final Takeaway

Get a personalized rate check from the Homeseed Lending Team. We'll compare lock and float options, walk through how today's pricing could affect your payment, and help you decide what fits your timeline.

Homeseed Lending Team, powered by Barrett Financial Group, L.L.C., NMLS #181106. Licensed in AZ, CA, FL, NV, OR, TX, WA. Equal Housing Lender. This article is for informational purposes only and does not constitute an offer to extend credit.