Mortgage Rates still moving up for 4th week. 03/02/2023

“As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.”

News Facts

• The 30-year fixed-rate mortgage averaged 6.65 percent as of March 2, 2023, up from last week when it averaged 6.50 percent. A year ago at this time, the 30-year FRM averaged 3.76 percent.
• The 15-year fixed-rate mortgage averaged 5.89 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 3.01 percent.