Mortgage Rates Decrease Slightly

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates for the fifth consecutive week, according to its Primary Mortgage Market Survey (PMMS). As of April 13, 2023, the average rate for a 30-year fixed-rate mortgage stands at 6.27%, down from 6.28% the previous week, and significantly higher than 5.00% a year ago. Meanwhile, the 15-year fixed-rate mortgage averaged 5.54%, down from 5.64% last week, compared to 4.17% a year ago. These trends suggest a deceleration of inflation while fostering optimism among homebuyers as the housing market peaks in spring and summer.

Positive

• 30-year fixed-rate mortgage decreased to 6.27%, indicating a market shift.
• 15-year fixed-rate mortgage decreased to 5.54%, making borrowing more attractive.

Negative

• Current 30-year mortgage rate is significantly higher than 5.00% from a year ago.
• 15-year mortgage rate also remains elevated compared to 4.17% last year.

MCLEAN, Va., April 13, 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 6.27 percent.

“Mortgage rates decreased for the fifth consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.”

News Facts

• 30-year fixed-rate mortgage averaged 6.27 percent as of April 13, 2023, down from last week when it averaged 6.28 percent. A year ago at this time, the 30-year FRM averaged 5.00 percent.
• 15-year fixed-rate mortgage averaged 5.54 percent, down from last week when it averaged 5.64 percent. A year ago at this time, the 15-year FRM averaged 4.17 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/b135107f-4ff3-4858-b470-aa6e50cd3683

FAQ

What were the mortgage rates reported by Freddie Mac on April 13, 2023?

The 30-year fixed-rate mortgage averaged 6.27% and the 15-year fixed-rate mortgage averaged 5.54%.

How have mortgage rates changed recently according to Freddie Mac?

Mortgage rates have decreased for five consecutive weeks.

What is the significance of the current mortgage rates for homebuyers?

The decrease in mortgage rates may lead to increased optimism among prospective homebuyers.

How do the current mortgage rates compare to last year?

The 30-year mortgage rate is significantly higher than 5.00% a year ago, while the 15-year rate is above 4.17% from last year.

What factors are influencing mortgage rates according to Freddie Mac?

Freddie Mac cites inflation trends and tight labor markets as key influences on mortgage rates.