Mortgage Rates Continue To Tick Down

Mortgage rates, or interest rates on home loans, continues to tick down, 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 6.13 percent for the week ending January 26, 2023, down from 6.15 percent last week. A year ago at this time, the average rate was 3.55 percent.

The 15-year FRM this week averaged 5.17 percent, down from 5.28 percent last week. A year ago at this time, the 15-year FRM averaged 2.80 percent.

"Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market," said Sam Khater, Freddie Mac's Chief Economist. "Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers."

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