Fixed Mortgage Rates Move Lower

Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending February 2, 2023. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 6.13%. A year ago at this time, the 30-year rate averaged 3.55%.

The 15-year fixed-rate mortgage averaged 5.14%, down from last week when it averaged 5.17%. A year ago at this time, the 15-year rate averaged 2.77%.

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

“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.”

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