Fixed-Rate Mortgages Tick Down in the week Ending February 1st

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 1st.

The 30-year fixed-rate mortgage averaged 6.63%, down from last week when it averaged 6.69%. A year ago at this time, the 30-year rate averaged 6.09%.

The 15-year fixed-rate mortgage averaged 5.94%, down from last week when it averaged 5.96%. A year ago at this time, the 15-year rate averaged 5.14%.

In remarks accompanying the release of the latest survey, Freddie Mac Chief Economist Sam Khater said:

“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics, and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”