Will Mortgage Rates Go Down in 2023? Mortgage Rates in the News

 

MORTGAGE RATES IN THE NEWS

"After several weeks of dropping mortgage rates, however, aspiring buyers may gain some confidence to move forward. “This downward trend of mortgage rates gives a scrap of hope for many home buyers for the months ahead,” says Nadia Evangelou, NAR’s senior economist and director of forecasting. “With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners. This could bring more buyers back to the market, boosting demand for housing and increasing market competition.”

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from Realtor Magazine

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 12:

• 30-year fixed-rate mortgages: averaged 6.33%, dropping from last week’s 6.48% average. A year ago, 30-year rates averaged 3.45%.
• 15-year fixed-rate mortgages: averaged 5.52%, also dropping from last week’s 5.73% average. A year ago, 15-year rates averaged 2.62%.

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