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US fixed 30-year mortgage rate drops to 6.23%

BY Reuters | AGENCY | 04/23/26 12:20 PM EDT

WASHINGTON, April 23 (Reuters) - The average rate on the popular U.S. 30-year fixed-rate mortgage fell this week, though further declines are likely to be limited by uncertainty surrounding a fragile ceasefire between Washington and Iran.

The 30-year fixed mortgage rate averaged 6.23%, down from 6.30% last week, mortgage finance agency Freddie Mac said on Thursday. It averaged 5.98% just before the U.S. and Israel?attacked Iran at the end of February as Freddie Mac and Fannie Mae expanded purchases of mortgage-backed securities.?

The rate shot up to an average of 6.46% at the beginning of April. Mortgage rates track U.S. Treasuries, which have largely been range-bound amid lingering uncertainty over the truce.?

Trump on Tuesday indefinitely extended the ceasefire with Iran, though a U.S. Navy blockade of Iranian ports remained in effect. On Thursday, Trump said he had ordered the U.S. Navy "to shoot and kill any boat" that is laying mines in the Strait of Hormuz, lifting global oil prices.

(Reporting By Lucia Mutikani)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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