Mortgage Rates Trend Down

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported the latest results from its Primary Mortgage Market Survey on January 26, 2023. The 30-year fixed-rate mortgage averaged 6.13%, down from 6.15% the previous week and significantly higher than 3.55% a year ago. Similarly, the 15-year fixed-rate mortgage fell to 5.17% from 5.28% last week, compared to 2.80% a year prior. Chief Economist Sam Khater noted that declining rates are reviving home purchase demand, with strong interest from first-time homebuyers. Freddie Mac continues to support accessible housing finance for millions of individuals and families across the U.S.

Positive

• 30-year fixed-rate mortgage decreased to 6.13%, indicating improved affordability.
• 15-year fixed-rate mortgage also fell, making home financing options more attractive.
• Revival in home purchase demand, especially from first-time buyers, signals market recovery.

Negative

• None.

MCLEAN, Va., Jan. 26, 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 6.13 percent.

“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s Chief Economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.”

News Facts

• 30-year fixed-rate mortgage averaged 6.13 percent as of January 26, 2023, down from last week when it averaged 6.15 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent.
• 15-year fixed-rate mortgage averaged 5.17 percent, down from last week when it averaged 5.28 percent. A year ago at this time, the 15-year FRM averaged 2.80 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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/037336ab-fc85-446d-b139-33cc4ab867bc

FAQ

What was the mortgage rate reported by Freddie Mac on January 26, 2023?

On January 26, 2023, Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.13%.

How did the 15-year fixed-rate mortgage perform according to Freddie Mac's latest survey?

The 15-year fixed-rate mortgage averaged 5.17%, down from the previous week.

What impact do declining mortgage rates have on homebuying according to Freddie Mac?

Declining mortgage rates are reviving home purchase demand, particularly among first-time homebuyers.

How does Freddie Mac support the housing market?

Freddie Mac supports the housing market by providing mortgage capital to lenders, making housing more accessible.