With mortgage rates hovering close to six percent, the U.S. mortgage market has seen an increase in activity as potential homebuyers begin to return to the market in anticipation of the upcoming spring homebuying season.[0] According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.12 percent as of Feb. 9, up from last week when it averaged 6.09 percent, and a year ago at this time, it averaged 3.69 percent. The 15-year fixed-rate mortgage also saw an increase, averaging 5.25 percent, up from last week when it averaged 5.14 percent, and a year ago at this time, it averaged 2.93 percent.
The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 3, 2023 reported that U.S. mortgage applications increased 7.4 percent from one week earlier.[1] The MBA also noted that purchase activity that was put on hold last year due to the quick run-up in rates is gradually coming back as rates ease and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market.[2]
Sam Khater, Freddie Mac’s Chief Economist, said, “The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.”[3]
If you’re considering refinancing your mortgage loan to take advantage of lower rates, consider visiting an online mortgage broker like Credible to compare rates, choose your loan term, and get preapproved with multiple lenders at once.[4]
0. “Mortgage rates rising in U.S.” Abccolumbia.com, 9 Feb. 2023, https://www.abccolumbia.com/2023/02/09/mortgage-rates-rising-in-u-s/
1. “Triangle lenders see signs of life in mortgage market” The Business Journals, 9 Feb. 2023, https://www.bizjournals.com/triangle/news/2023/02/09/raleigh-durham-home-sales-mortgage-market-buyers.html
2. “Lower Mortgage Rates Are Boosting Demand for Refinancing” Barron’s, 8 Feb. 2023, https://www.barrons.com/articles/mortgage-rates-refinancing-51675870496
3. “Mortgage rates rise ahead of spring home buying season” Seeking Alpha, 9 Feb. 2023, https://seekingalpha.com/news/3934352-mortgage-rates-rise-ahead-of-spring-home-buying-season
4. “Today’s refi rates increase – February 8, 2023” Bankrate.com, 8 Feb. 2023, https://www.bankrate.com/mortgages/todays-rates/refinance-rates-for-wednesday-february-8-2023