US Mortgage Rate Rebound from Multi-Year Lows

The average rate on a 30-year fixed mortgage rose marginally to 6.11% as of February 5th loosely rising for a third straight week from the lowest level since September 2022 of 6.06%, according to data from Freddie Mac. “For the last several weeks, the 30-year fixed-rate mortgage has remained at its lowest level in years. The combination of improving affordability and availability of homes to purchase is a positive sign for buyers and sellers heading into the spring home sales season,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage rose to 6.1% as of January 29th rising for a second straight week from the lowest level since September 2022 of 6.06%, according to data from Freddie Mac. “Mortgage rates remain near their lowest levels in three years, which is encouraging for potential homebuyers who have waited to enter the market for some time. Lower rates, combined with strong income growth, have led to a steady increase in purchase applications compared to last year. More homeowners refinancing their mortgages are also benefiting from these lower rates, as shown by the rise in refinance applications over the past year,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage rose to 6.09% as of January 22nd from the lowest level since September 2022 of 6.06% in the previous week, according to data from Freddie Mac. “With the economy improving and the average 30-year fixed-rate mortgage nearly a percentage point lower than last year, more homebuyers are entering the market. Buyers always should shop around for the best rate, as multiple quotes can potentially save them thousands,” said Sam Khater, Freddie Mac’s chief economist.