Freddie Mac has announced the findings of its Primary Mortgage Market Survey, revealing that the 30-year fixed-rate mortgage (FRM) had an average rate of 6.60 percent. This comes after a consecutive increase of over half a percent in the past five weeks. However, the current turbulence in financial markets is exerting significant downward pressure on mortgage rates, which is expected to benefit borrowers in the short-term.
According to Sam Khater, Freddie Mac’s Chief Economist, homebuyers could reap substantial benefits during periods of high mortgage rate volatility by shopping around for additional rate quotes. The research conducted by Freddie Mac suggests that by taking the time to explore different lenders, homebuyers can potentially save between $600 to $1,200 per year.
Therefore, it is recommended that homebuyers take advantage of the current market conditions by considering multiple mortgage options to secure the best possible rate.
MCLEAN, Va., March 16, 2023 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing 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,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”
- 30-year fixed-rate mortgage averaged 6.60 percent as of March 16, 2023, down from last week when it averaged 6.73 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
- 15-year fixed-rate mortgage averaged 5.90 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home.