AllBuying February 16, 2023

Mortgage Rates Up for Second Consecutive Week

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending today , 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.”

  • 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.

Check with your mortgage loan officer for more information on daily mortgage interest rate movements. You can also find daily mortgage rate information on online sites such as Mortgage News Daily.