Freddie Mac: Mortgage Rates Pull Back

According to the results of Freddie Mac’s Primary Mortgage Market Study (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.60 percent.

“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” Freddie Mac’s Chief Economist, Sam Khater, stated.

“Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.”

U.S. weekly average mortgage rates as of
3/16/2023

As of March 16, 2023, the 30-year fixed-rate mortgage averaged 6.60 percent, down from 6.73 percent the previous week. At this time last year, the 30-year FRM averaged 4.16 percent.

The 15-year fixed-rate mortgage averaged 5.90 percent, down from 5.95 percent last week. The 15-year FRM averaged 3.39 percent a year ago at this time.

The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with exceptional credit and a 20% down payment.