Mortgage Rates Continue Their Upward Trajectory
Freddie Mac (OTCQB: FMCC) announced on March 9, 2023, that the average 30-year fixed-rate mortgage (FRM) rose to 6.73%, up from 6.65% the previous week and significantly higher than 3.85% a year ago. Additionally, the 15-year FRM averaged 5.95%, up from 5.89% last week and 3.09% a year prior. The increase in mortgage rates is attributed to the Federal Reserve's aggressive monetary policy stance, which adversely affects the housing market. Consumers continue to struggle with affordability and low inventory, impacting homebuyer activity.
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- 30-year fixed-rate mortgage increased to 6.73%, impacting housing affordability.
- 15-year fixed-rate mortgage rose to 5.95%, contributing to affordability challenges.
MCLEAN, Va., March 09, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.73 percent.
“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”
News Facts
- 30-year fixed-rate mortgage averaged 6.73 percent as of March 9, 2023, up from last week when it averaged 6.65 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
- 15-year fixed-rate mortgage averaged 5.95 percent, up from last week when it averaged 5.89 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c76047a-92d5-4eda-8982-8182eeae2fb6
FAQ
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