2023 Is Looking Up As Mortgage Rates Slip Down -Again!

Freddie Mac reported that the 30-year mortgage rate moved down two basis points this week, falling for the third consecutive week.

The benchmark 30-year rate dropped to an average of 6.13% as of January 26, while the 15-year fixed-rate loan fell 11 basis points to 5.17%. This rate decline comes on the heels of a rebounding purchase demand.

Freddie Mac chief economist Sam Khater commented that “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...ample demand remains, fueled by first-time homebuyers.”

Purchase home loan applications grew 3% last week, and refinance applications were up 15%, according to the latest from the Mortgage Bankers Association (MBA).

“Mortgage rates declined for the third straight week, which is good news for potential homebuyers looking ahead to the spring homebuying season,” shared Joel Kan, MBA’s deputy chief economist.