Mortgage Rates move Up for 3rd week – 02/23/2023

“The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation,” said Sam Khater, Freddie Mac’s Chief Economist. “Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.”

News Facts

• The 30-year fixed-rate mortgage averaged 6.50 percent as of February 23, 2023, up from last week when it averaged 6.32 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
• The 15-year fixed-rate mortgage averaged 5.76 percent, up from last week when it averaged 5.51 percent. A year ago at this time, the 15-year FRM averaged 3.14 percent.