Mortgage Rates Drop This Week

Correction: The first paragraph incorrectly stated that "mortgage rates rose this week" instead of "dropped this week". The corrected version follows.

Mortgage rates, or interest rates on home loans, dropped this week, 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 6.33 percent for the week ending January 12, 2023, down from 6.48 percent last week. A year ago at this time, the average rate was 3.45 percent.

The 15-year FRM this week averaged 5.52 percent, down from 5.73 percent last week. A year ago at this time, the 15-year FRM averaged 2.62 percent.

"While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates," said Sam Khater, Freddie Mac's Chief Economist. "Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move."

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