Fixed-Rate Mortgages Move Lower in the Week Ending January 18th
Mortgage Rates Decrease to Lowest Level Since May of 2023
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 18th.
The 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.66%. A year ago at this time, the 30-year rate averaged 6.15%.
The 15-year fixed-rate mortgage averaged 5.76%, down from last week when it averaged 5.87%. A year ago at this time, the 15-year rate averaged 5.28%.
Commenting on the results of the survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates decreased this week, reaching their lowest level since May 2023. This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
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