Mortgage rates fell 7 basis points this week to their lowest point in four weeks, as investors reacted to news the conflict with Iran might soon be resolved.

The 30-year fixed-rate mortgage averaged 6.3% as of April 16, down from last week's 6.37%, the Freddie Mac Primary Mortgage Market Survey found. A year ago at this time, it was at 6.83%.

The last time the 30-year was lower was for the week of March 22. But just prior to when the conflict started, the Freddie Mac PMMS had the 30-year at 5.98%.

"Compared to one year ago, this is a meaningful improvement for homebuyers during what is typically the busy spring homebuying season," Sam Khater, Freddie Mac's chief economist, said in a press release.

Similarly, the 15-year FRM was at 5.65%, down 9 basis points last week's average of 5.74%. For the same week in 2025, it was at 6.03%.

Lender Price data as of 11 a.m. Thursday morning on the National Mortgage News website had the 30-year fixed at 6.39%. While still elevated, it is 10 basis points better than three weeks prior.

The latest data from Optimal Blue for the 30-year conforming was for Wednesday, when it was just under 6.25%. This is 4 basis points lower than where it was seven days prior, at 6.29%.

Even though the 10-year Treasury as of 11 a.m. was flat with its April 9 close at 4.29%, it was another up and down week for the yield. Its high for the past seven days was at 4.35% on Monday but on the following day dropped to a low of 4.25%.

"Mortgage rates were little changed over the week, even amid a flurry of headlines on geopolitical conflicts and the Fed transition," a Wednesday evening statement from Kara Ng, senior economist at Zillow Home Loans, read. "For shoppers, it means that buying power is still better than a year ago, but down from a month ago."

Ng pointed out some potential home purchasers started their search and obtained a mortgage pre-approval during a brief period in late February when the conforming 30-year FRM dropped below 6%.

These consumers "may be committed to finding their home even after the subsequent mortgage rate spike eroded a third of this year's affordability gains," Ng said. "The question is how long the resilience can hold if mortgage rates stay in the mid-6% range."

She pointed out pending sales in the first two weeks of this month are looking softer than they did for March, which "underscores how sensitive today's housing market is to changes in mortgage rates, and how quickly momentum can build or fade depending on where rates head next."

The Mortgage Bankers Association's Weekly Application Survey found total volume was up 1.8% seasonally adjusted from the prior week for the period ended April 10. Refinance activity was up 5% but purchase was down 1%.

The rate for 30-year conforming FRMs fell nine basis points to 6.42% from 6.51%.

This drop led to the first boost in five weeks in application volume, said Bob Broeksmit, the MBA's president and CEO, in a Thursday morning statement.

"Purchase activity remains subdued, with applications below year-ago levels for the second straight week as economic uncertainty and affordability pressures continue to affect homebuyer demand," he said.

Bankrate just released its own survey of economists, with the consensus projection being the 30-year will drop from 6.4% as of April 8 (according to its tracker) to 6.05% by year-end; it will average 6.1% for the year.

"If, as our survey indicates, average 30-year fixed mortgage rates move closer to 6% by year-end, that will provide some relief for buyers and sellers alike," said Mark Hamrick, Bankrate senior economic analyst, in comments accompanying the survey. "That's still below Freddie Mac's long-term average of 7.70%, a reminder that today's rates are not historically out of line."