Fixed-Rate Mortgages Move Lower

Original Source:
Mortgage Rates Decline

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.”

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.