Mortgage Rates Continue to Slide Down

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) is at 6.42% as of March 23, 2023, down from 6.60% the previous week and significantly up from 4.42% a year ago. The 15-year FRM also decreased to 5.68% from 5.90% last week, while last year it stood at 3.63%. Chief Economist Sam Khater indicated that declining mortgage rates have bolstered homebuyer demand and stabilized home prices, potentially enhancing the spring homebuying season. The PMMS® focuses on conventional loans for borrowers with excellent credit who put 20% down.

Positive

• 30-year FRM decreased from 6.60% to 6.42%, indicating easing mortgage rates.
• Increased purchase demand and stable home prices suggest a rebound in the housing market.

Negative

• None.

MCLEAN, Va., March 23, 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 6.42 percent.

“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”

News Facts

• 30-year fixed-rate mortgage averaged 6.42 percent as of March 23, 2023, down from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent.
• 15-year fixed-rate mortgage averaged 5.68 percent, down from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 3.63 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/5c08b009-847d-4b2d-a128-2faf04350605

FAQ

What is the current average 30-year fixed-rate mortgage according to Freddie Mac's PMMS®?

The current average 30-year fixed-rate mortgage is 6.42% as of March 23, 2023.

How much has the 30-year fixed mortgage rate changed from last week?

The 30-year fixed mortgage rate decreased from 6.60% last week to 6.42%.

What was the average 15-year fixed-rate mortgage on March 23, 2023?

The average 15-year fixed-rate mortgage was 5.68% as of March 23, 2023.

What does the PMMS® focus on?

The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

What impact do declining mortgage rates have on the housing market?

Declining mortgage rates have contributed to improved purchase demand and stabilizing home prices.