According to the Primary Mortgage Market Survey (PMMS) by Freddie Mac, the 30-year fixed-rate mortgage (FRM) has dropped for the fifth straight week, with an average of 6.27% for the week ending April 13, 2023. This is a slight decrease from last week’s average of 6.28%. In comparison, the average for the 30-year FRM was 5% at the same time last year.
Sam Khater, the Chief Economist of Freddie Mac, reported that mortgage rates have dropped for the fifth week in a row. Khater also noted that while inflation is still high, it is beginning to slow down based on recent data. He believes that this, combined with the tight labor market, is creating more positivity among potential homebuyers as the housing market reaches its peak during the spring and summer
Freddie Mac announced that the 15-year fixed-rate mortgage (FRM) for the week ending April 13, 2023, had an average rate of 5.54%, which is a decrease from last week’s average of 5.64%. In comparison, the 15-year FRM had a much lower average rate of 4.17% during the same time last year, over a full percentage point lower.
The decline in mortgage rates is positive news for the upcoming spring homebuying season. The Mortgage Bankers Association (MBA) also reported a 5.3% increase in overall mortgage application volume week-over-week, which comes after a slight decrease in the previous week.
Sam Khater, the Chief Economist at Freddie Mac, stated that mortgage rates have dropped for the fifth week in a row. Despite inflation still being higher than desired, recent data indicates that it’s starting to slow down. Khater believes that the current trends, combined with the tight labor market, are contributing to increased confidence among potential homebuyers as the housing market reaches its peak during the spring and summer months.
Freddie Mac released its report for the week ending April 13, 2023, which showed that the 15-year fixed-rate mortgage (FRM) averaged 5.54%. This is a decrease from the previous week’s average of 5.64%. However, it’s worth noting that the average rate was significantly lower a year ago at the same time, with the 15-year FRM averaging 4.17%, over a full percentage point lower.
The consistent decrease in mortgage rates is a positive indicator for the upcoming spring homebuying season. The Mortgage Bankers Association (MBA) has reported a 5.3% increase in overall mortgage application volume week-over-week, which comes after a slight dip in the previous week.
