Mortgage Rates Drift Lower This Week: 30 Year Rates at 6.13%Mortgage rates have continued to shift downward, according to the latest results from Freddie Mac's Primary Mortgage Market Survey. As of February 2, 2023, the 30-year fixed-rate mortgage averaged 6.09 percent, down from last week when 30-year mortgage rates average of 6.13 percent. This is a significant drop from November 2022, when the 30-year FRM peaked at just over seven percent. According to Sam Khater, Freddie Mac's Chief Economist, the one percentage point reduction in rates can allow up to three million more mortgage-ready consumers to qualify for a $400,000 loan, which is the median home price. This is excellent news for potential homebuyers who have been on the fence about purchasing a home. The 15-year fixed-rate mortgage has also seen a decrease, averaging 5.14 percent as of February 2, 2023, compared to last week's average 15-year mortgage rate of 5.17 percent. This is a significant difference from a year ago, when the 15-year FRM averaged 2.77 percent. Lender
APR / Rate
Fees / Points
Payment
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,138 /mo
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,216 /mo
$7,500
Includes 0.875 points for $3,500
Lender Fees: $4,000
$3,216 /mo
$4,331
Includes 0.708 points for $2,832
Lender Fees: $1,499
$3,322 /mo
$4,737
Includes 0.903 points for $3,612
Lender Fees: $1,125
$3,322 /mo
$3,552
Includes 0.713 points for $2,852
Lender Fees: $700
$3,349 /mo
$5,000
Includes 0.750 points for $3,000
Lender Fees: $2,000
$2,463 /mo
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,463 /mo
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,458 /mo
$4,719
Includes 0.805 points for $3,220
Lender Fees: $1,499
$2,562 /mo
$5,125
Includes 1.000 points for $4,000
Lender Fees: $1,125
$2,562 /mo
$6,840
Includes 0.940 points for $3,760
Lender Fees: $3,080
$2,562 /mo
$5,756
Includes 0.939 points for $3,756
Lender Fees: $2,000
$2,595 /mo
$3,392
Includes 0.673 points for $2,692
Lender Fees: $700
$2,628 /mo
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,628 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
For those looking to take advantage of the current market, it's crucial to understand the different types of mortgage loans available and the terms that come with each. A 30-year fixed-rate mortgage, for example, offers a fixed interest rate for the entire loan term, while a 15-year FRM offers a shorter loan term with a slightly lower interest rate. It's also important to consider factors such as credit score, debt-to-income ratio, and income when applying for a mortgage. These factors can greatly impact the interest rate offered by a lender and the overall cost of the loan. The continued downward shift in mortgage rates presents a fantastic opportunity for potential homebuyers to take advantage of the current market and secure a low-interest mortgage. With rates at historic lows, now is an ideal time to make a move towards homeownership. It's recommended that potential homebuyers work with a mortgage broker to assess their financial situation, determine the best mortgage option for their unique circumstances. Explore Other Mortgage and Refinance Offers
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