Mortgage Rates Continue To Move Higher

Mortgage rates, or interest rates on home loans, increased for the second consecutive 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 6.32 percent for the week ending February 16, 2023, up from 6.12 percent last week. A year ago at this time, the average rate was 3.92 percent.

The 15-year FRM this week averaged 5.51 percent, up from 5.25 percent last week. A year ago at this time, the 15-year FRM averaged 3.15 percent.

"Mortgage rates moved up for the second consecutive week," said Sam Khater, Freddie Mac's Chief Economist. "The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist."

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