Mortgage Rates Pull Back

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) released its Primary Mortgage Market Survey on March 16, 2023, reporting a decline in the average 30-year fixed-rate mortgage (FRM) to 6.60%, down from 6.73% the previous week, and significantly lower than 4.16% a year ago. The 15-year FRM also decreased to 5.90% from 5.95% last week, with a prior average of 3.39% a year ago. Chief Economist Sam Khater noted that ongoing financial market turbulence is exerting downward pressure on rates, potentially benefiting borrowers. Homebuyers might save $600 to $1,200 annually by comparing offers from multiple lenders.

Positive

• 30-year FRM decreased to 6.60%, offering potential savings to borrowers.
• 15-year FRM declined to 5.90%, indicating downward movement in mortgage rates.
• Homebuyers could save $600 to $1,200 annually by shopping around for rates.

Negative

• None.

MCLEAN, Va., March 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 6.60 percent.

“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.”

News Facts

• 30-year fixed-rate mortgage averaged 6.60 percent as of March 16, 2023, down from last week when it averaged 6.73 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
• 15-year fixed-rate mortgage averaged 5.90 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 3.39 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/4cd1869b-c17e-42ac-9840-deb83a372b12

FAQ

What is the current average for the 30-year fixed-rate mortgage as of March 16, 2023?

The current average for the 30-year fixed-rate mortgage is 6.60%.

How much did the 30-year fixed-rate mortgage decrease from last week?

It decreased from 6.73% to 6.60%.

What is the average for the 15-year fixed-rate mortgage as of March 16, 2023?

The average for the 15-year fixed-rate mortgage is 5.90%.

What potential savings can homebuyers achieve by shopping for mortgage rates?

Homebuyers can potentially save $600 to $1,200 annually.

How does market turbulence affect mortgage rates according to Freddie Mac?

Market turbulence is putting significant downward pressure on mortgage rates.