Fixed-Rate Mortgages Move Lower

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 12, 2023.

The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.48%. A year ago at this time, the 30-year rate averaged 3.45%.

The 15-year fixed-rate mortgage averaged 5.52%, down from last week when it averaged 5.73%. A year ago at this time, the 15-year rate averaged 2.62%.

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

“While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.”