“Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market,” said
Khater continued, “Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.”
News Facts
- 30-year fixed-rate mortgage averaged 6.48 percent as of
January 5, 2023 , up from last week when it averaged 6.42 percent. A year ago at this time, the 30-year FRM averaged 3.22 percent. - 15-year fixed-rate mortgage averaged 5.73 percent, up from last week when it averaged 5.68 percent. A year ago at this time, the 15-year FRM averaged 2.43 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.
MEDIA CONTACT:
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/296082c4-c9d1-4696-a109-888784bf170d
![](https://ml.globenewswire.com/media/MDJlOGNmYWUtMjc1My00NzI0LTkzNTMtMGYyZDlhNjZkYTQ4LTEwOTI3Mjc=/tiny/Freddie-Mac.png)
Primary Mortgage Market Survey®
![](https://ml.globenewswire.com/media/296082c4-c9d1-4696-a109-888784bf170d/medium/primary-mortgage-market-survey.jpeg)
U.S. weekly average mortgage rates as of 1/5/2023
2023 GlobeNewswire, Inc., source