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Mortgage rates keep climbing

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.73%.

“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist. “Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”

  • 30-year fixed-rate mortgage averaged 6.73% as of March 9, 2023, up from last week when it averaged 6.65%. A year ago at this time, the 30-year FRM averaged 3.85%.
  • 15-year fixed-rate mortgage averaged 5.95%, up from last week when it averaged 5.89%. A year ago at this time, the 15-year FRM averaged 3.09%.

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