Mortgage Rates Decrease for the Third Consecutive Week

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) fell to 6.32% as of March 30, 2023, down from 6.42% the previous week and significantly lower than 4.67% from a year ago. The 15-year FRM also decreased to 5.56% from 5.68% last week, compared to 3.83% a year earlier. Chief Economist Sam Khater noted that while declining rates are attracting borrowers, a low inventory continues to challenge potential homebuyers as the spring season approaches.

Positive

• Decrease in the 30-year FRM to 6.32%, attracting more borrowers.
• 15-year FRM also decreased, indicating lower borrowing costs.

Negative

• Low inventory remains a significant challenge for homebuyers.

MCLEAN, Va., March 30, 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 6.32 percent.

“Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”

News Facts

• 30-year fixed-rate mortgage averaged 6.32 percent as of March 30, 2023, down from last week when it averaged 6.42 percent. A year ago at this time, the 30-year FRM averaged 4.67 percent.
• 15-year fixed-rate mortgage averaged 5.56 percent, down from last week when it averaged 5.68 percent. A year ago at this time, the 15-year FRM averaged 3.83 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/dd960ba3-5b0b-4e8e-abb3-ece140b5913f

 

FAQ

What is the latest average rate for the 30-year fixed-rate mortgage reported by FMCC?

As of March 30, 2023, the average 30-year fixed-rate mortgage is 6.32%, down from 6.42% the previous week.

How does the current 15-year fixed-rate mortgage compare to last year?

The current average for the 15-year fixed-rate mortgage is 5.56%, down from 5.68% last week and significantly lower than 3.83% a year ago.

What economic factors are impacting mortgage rates according to FMCC?

Economic uncertainty is cited as a factor bringing mortgage rates down, increasing borrower interest.

What challenge do prospective homebuyers face as the spring season begins?

Low inventory in the housing market is a major challenge for prospective homebuyers.