Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending January 5, 2023.
The 30-year fixed-rate mortgage averaged 6.48%, up from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 3.22%.
The 15-year fixed-rate mortgage averaged 5.73%, up from last week when it averaged 5.68%. A year ago at this time, the 15-year rate averaged 2.43%.
Commenting on the latest PMMS, Freddie Mac’s Chief Economist Sam Khater said:
“Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”
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