Mortgage Rates Continue to Increase

 Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending 03/069/2023, showing the 30-year fixed-rate mortgage (FRM) averaged 6.73 percent.

“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”

• 30-year fixed-rate mortgage averaged 6.73 percent as of March 9, 2023, up from last week when it averaged 6.65 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
• 15-year fixed-rate mortgage averaged 5.95 percent, up from last week when it averaged 5.89 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.

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