Fixed Mortgage Rates Inch Higher

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 9, 2023. According to the survey, the 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.09%. A year ago at this time, the 30-year rate averaged 3.69%.

The 15-year fixed-rate mortgage averaged 5.25%, up from last week when it averaged 5.14%. A year ago at this time, the 15-year rate averaged 2.93%.

Adding additional background and analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:

“Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage raced increases slight this week. The 30-year fixed-rate continues to hove close to 6%, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.”

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.