By coinnews 
00:00 Brad
Mortgage rates for the week ending May 1st are out. Yahoo Finance’s Claire Boston joins me now with the numbers. What do we know, Claire?
00:08 Claire Boston
Hi, Brad. So, this week, the 30-year mortgage rate averaged 6.6 6.76%, down from 6.81% last week. 15-year mortgage rates are now averaging 5.92%, down slightly from 5.94%. So, you know, we saw a little bit of relief in the market this week, and what I think is going on is this is kind of a reflection of the end of some of that market volatility we have seen so much of in recent weeks. Bond yields are moving south a little bit, and mortgage rates are following suit. You know, that being said, 6.67% or 6.76% is still pretty high, um, and that is generally keeping buyers on the sidelines right now. Mortgage applications are dropping, that kind of thing.
00:59 Brad
Sam Cater, the Freddie Mac chief economist said, actually, in a statement here, in recent weeks, rates for the 30-year fixed rate mortgage have fallen even lower than the first quarter average of 6.83%. We’ve also got new Redfin data that report showing buyers and sellers are far apart on pricing right now. What’s What’s going on here?
01:20 Claire Boston
Yeah, so Redfin had a very interesting report that basically said the median asking price in a home is about 9% higher than where it actually sells. And that is the largest gap since the pandemic 2020, completely crazy times. Um, and I think that what this reflects is some of that higher mortgage rate effect, just because, you know, buyers are really stretched right now, given how expensive homes are, you know, over $450,000 on average. And sellers, they still kind of think it’s 2021, 2022, back when rates were lower. But the market has really, really changed, and so buyers and sellers are going to have to find this equilibrium in this new market that we’re dealing with.
02:07 Brad
All right, just to reiterate the numbers here, 30 fixed rate mortgage, 6.76%, and that is down from last week when it was 6.81%. And then 15-year fixed rate mortgage, that averaging 5.92%, down from last week’s 5.94%. Claire, thank you so much for bringing the numbers here with us.
02:34 Claire Boston
Thanks, Brad.