Mortgage Rates Increase for the Second Consecutive Week

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported on February 16, 2023, that the 30-year fixed-rate mortgage (FRM) has risen to 6.32%, up from 6.12% the previous week, and significantly higher than 3.92% a year ago. Similarly, the 15-year FRM increased to 5.51%, compared to 5.25% last week and 3.15% a year prior. The rise in mortgage rates reflects ongoing resilience in the economy driven by consumer spending, which is also contributing to higher overall housing costs and persistent inflation.

Positive

• 30-year FRM increased to 6.32%, indicating rising housing demand.
• 15-year FRM rose to 5.51%, reflecting a growing mortgage market.

Negative

• Increased mortgage rates could deter potential homebuyers.
• Rising housing costs may exacerbate inflationary pressures.

MCLEAN, Va., Feb. 16, 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.

“Mortgage rates moved up for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist.”

News Facts

• 30-year fixed-rate mortgage averaged 6.32 percent as of February 16, 2023, up from last week when it averaged 6.12 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
• 15-year fixed-rate mortgage averaged 5.51 percent, up from last week when it averaged 5.25 percent. A year ago at this time, the 15-year FRM averaged 3.15 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/262bd475-5637-494f-bd4a-b20f1c9cdbd4

FAQ

What is the current rate of the 30-year fixed-rate mortgage according to FMCC?

As of February 16, 2023, the 30-year fixed-rate mortgage averages 6.32%.

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

The 15-year fixed-rate mortgage is at 5.51%, up from 5.25% last week.

What factors are contributing to the increase in mortgage rates?

The increase in mortgage rates is attributed to economic resilience and rising consumer spending.

How do the current mortgage rates compare to a year ago?

A year ago, the 30-year FRM averaged 3.92% and the 15-year FRM averaged 3.15%.