Mortgage Rates Continue to Decrease

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) released its latest Primary Mortgage Market Survey (PMMS^®) on January 19, 2023, revealing a decrease in the average 30-year fixed-rate mortgage (FRM) to 6.15%, down from 6.33% the previous week. This marks a significant increase from 3.56% a year ago. Similarly, the 15-year FRM averaged 5.28%, down from 5.52% last week. Sam Khater, Freddie Mac’s Chief Economist, noted that declining mortgage rates are enhancing homebuyer demand, despite ongoing concerns about housing supply. The PMMS^® tracks conventional, fully amortizing loans with a 20% down payment.

Positive

• 30-year FRM decreased to 6.15%, boosting homebuyer demand.
• 15-year FRM decreased to 5.28%, indicating lower borrowing costs.

Negative

• Persistent concerns about the supply of homes in the market.

MCLEAN, Va., Jan. 19, 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 6.15 percent.

“As inflation continues to moderate, mortgage rates declined again this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”

News Facts

• 30-year fixed-rate mortgage averaged 6.15 percent as of January 19, 2023, down from last week when it averaged 6.33 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent.
• 15-year fixed-rate mortgage averaged 5.28 percent, down from last week when it averaged 5.52 percent. A year ago at this time, the 15-year FRM averaged 2.79 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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/207ae0f5-5eb5-4490-8fe6-58365cc5e2df

FAQ

What is the current average rate for a 30-year fixed mortgage as of January 19, 2023?

The average rate for a 30-year fixed mortgage is 6.15%.

How does the current mortgage rate compare to last year for FMCC?

A year ago, the 30-year fixed-rate mortgage averaged 3.56%.

What impact are declining mortgage rates having on homebuyers?

Declining mortgage rates are boosting homebuyer demand and homebuilder sentiment.

What is the average rate for a 15-year fixed mortgage as of January 19, 2023?

The average rate for a 15-year fixed mortgage is 5.28%.