Mortgage Rates Continue To Fall

(RTTNews) - Mortgage rates, or interest rates on home loans, continues to drop, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.15 percent for the week ending January 19, 2023, down from 6.33 percent last week. A year ago at this time, the average rate was 3.56 percent.

The 15-year FRM this week averaged 5.28 percent, down from 5.52 percent last week. A year ago at this time, the 15-year FRM averaged 2.79 percent.

"As inflation continues to moderate, mortgage rates declined again this week," said Sam Khater, Freddie Mac's Chief Economist. "Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern."