Mortgage Rates Continue to Shift Down

MCLEAN, Va., Feb. 02, 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 6.09 percent.

“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.”

News Facts

• 30-year fixed-rate mortgage averaged 6.09 percent as of February 2, 2023, down from last week when it averaged 6.13 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent.
• 15-year fixed-rate mortgage averaged 5.14 percent, down from last week when it averaged 5.17 percent. A year ago at this time, the 15-year FRM averaged 2.77 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 Waugaman703-714-0644[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a1fced3-63d1-45a5-86fa-701cae34f3e0

Primary Mortgage Market Survey®

U.S. weekly average mortgage rates as of 02/02/2023

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