Mortgage Rates Continue to move down. 02/02/2023

“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

• The 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.
• The 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.