Mortgage Rates Increase Slightly

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) rose to 6.12% as of February 9, 2023, compared to 6.09% the previous week and 3.69% a year ago. The 15-year FRM also increased, averaging 5.25% this week, up from 5.14% last week and 2.93% a year ago. Sam Khater, Freddie Mac’s Chief Economist, noted that mortgage rates have been influenced by a recent Federal Reserve rate hike and robust job growth, prompting potential homebuyers to re-enter the market ahead of the spring buying season.

Positive

• Increase in homebuyer interest as mortgage rates stabilize.
• 30-year FRM at 6.12% indicates market resilience.

Negative

• Current 30-year FRM significantly higher than previous year's average of 3.69%.
• Increased borrowing costs could deter first-time homebuyers.

MCLEAN, Va., Feb. 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 6.12 percent.

“Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage rates increased slightly this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.”

News Facts

• 30-year fixed-rate mortgage averaged 6.12 percent as of February 9, 2023, up from last week when it averaged 6.09 percent. A year ago at this time, the 30-year FRM averaged 3.69 percent.
• 15-year fixed-rate mortgage averaged 5.25 percent, up from last week when it averaged 5.14 percent. A year ago at this time, the 15-year FRM averaged 2.93 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/16b59e20-1b19-47a5-97a7-775781b39c63

FAQ

What is the current mortgage rate for FMCC as of February 2023?

As of February 9, 2023, the average 30-year fixed-rate mortgage is 6.12%.

How much did the 30-year mortgage rate increase this week?

The 30-year mortgage rate increased by 0.03% from 6.09% last week.

What was the average 30-year fixed-rate mortgage a year ago?

A year ago, the average 30-year fixed-rate mortgage was 3.69%.

What factors contributed to the rise in mortgage rates according to FMCC?

The rise in mortgage rates was influenced by a Federal Reserve interest rate hike and strong job growth.

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

The average 15-year fixed-rate mortgage is 5.25% as of February 9, 2023.