Mortgage Rate Drop

 Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey (PMMS) for the week ending 01/12/2023, showing the 30-year fixed-rate mortgage (FRM) averaged 6.33 percent.

“While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.”

• 30-year fixed-rate mortgage averaged 6.33 percent as of January 12, 2023, down from last week when it averaged 6.48 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
• 15-year fixed-rate mortgage averaged 5.52 percent, down from last week when it averaged 5.73 percent. A year ago at this time, the 15-year FRM averaged 2.62 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit