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Mortgage rates pull back slightly

MCLEAN, Va. — Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.60%.

“Mortgage rates are down following an increase of more than half a% over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.”

30-year fixed-rate mortgage averaged 6.60% as of March 16, 2023, down from last week when it averaged 6.73%. A year ago at this time, the 30-year FRM averaged 4.16%.

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15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 3.39%.

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