Fixed Mortgage Rates Move Lower for Third Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 19, 2023.

The 30-year fixed-rate mortgage averaged 6.15%, down from last week when it averaged 6.33%. A year ago at this time, the 30-year rate averaged 3.56%.

The 15-year fixed-rate mortgage averaged 5.28%, down from last week when it averaged 5.52%. A year ago at this time, the 15-year rate averaged 2.79%.

Commenting on the report, Sam Khater, Freddie Mac’s Chief Economist, said:

“As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”

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