Mortgage Rates Increase for second week. 2/16/2023

“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.”

News Facts

• The 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.
• The 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.