Mortgage Rates Decline Again This Week: 30-Year Mortgage at 6.13%

Mortgage rates have been trending downwards in recent weeks, with the 30-year fixed-rate mortgage (FRM) averaging 6.13 percent as of January 26, 2023, according to Freddie Mac's Primary Mortgage Market Survey (PMMS). This is a slight decrease from the previous week's average of 6.15 percent. Mortgage rates are lower this week but still much higher than the same time last year, when the 30-year FRM averaged 3.55 percent.

The 15-year fixed-rate mortgage (FRM) has also seen a decrease, averaging 5.17 percent as of January 26, 2023, down from last week's average of 5.28 percent. This is also a significantly higher from the same time last year, when the 15-year FRM averaged 2.80 percent.

Decrease in Mortgage Rates is Good News for Homebuyers

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

4.846%

15-Year Fixed

4.625%

$5,912

Includes 0.978 points for $3,912

Lender Fees: $2,000

$3,086 /mo

Next >

NMLS #1513908

5.201%

15-Year Fixed

4.990%

$5,822

Includes 0.879 points for $3,516

Lender Fees: $2,306

$3,162 /mo

Next >

NMLS #1689962

License: 02053435

5.391%

15-Year Fixed

5.250%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2578474

5.393%

15-Year Fixed

5.250%

$3,750

Includes 0.675 points for $2,700

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #401822

5.409%

15-Year Fixed

5.125%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,190 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.436%

15-Year Fixed

5.250%

$5,077

Includes 0.781 points for $3,124

Lender Fees: $1,953

$3,216 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.457%

15-Year Fixed

5.250%

$5,445

Includes 0.875 points for $3,500

Lender Fees: $1,945

$3,216 /mo

Next >

NMLS #1025894

5.632%

15-Year Fixed

5.490%

$3,712

Includes 0.753 points for $3,012

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1835285

5.864%

30-Year Fixed

5.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #1835285

6.007%

5-Year ARM

5.875%

$5,696

Includes 0.924 points for $3,696

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #1513908

6.105%

30-Year Fixed

5.990%

$5,186

Includes 0.720 points for $2,880

Lender Fees: $2,306

$2,396 /mo

Next >

NMLS #2578474

6.236%

30-Year Fixed

6.125%

$4,750

Includes 0.925 points for $3,700

Lender Fees: $1,050

$2,431 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.249%

30-Year Fixed

6.125%

$5,469

Includes 0.879 points for $3,516

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #401822

6.265%

30-Year Fixed

6.125%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,431 /mo

Next >

NMLS #1689962

License: 02053435

6.319%

30-Year Fixed

6.250%

$2,908

Includes 0.727 points for $2,908

Lender Fees: $0

$2,463 /mo

Next >

6.326%

30-Year Fixed

6.250%

$3,228

Includes 0.625 points for $2,500

Lender Fees: $728

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.355%

30-Year Fixed

6.250%

$4,445

Includes 0.625 points for $2,500

Lender Fees: $1,945

$2,463 /mo

Next >

NMLS #3030

6.368%

15-Year Fixed

6.250%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,430 /mo

Next >

NMLS #1025894

6.461%

30-Year Fixed

6.375%

$3,608

Includes 0.727 points for $2,908

Lender Fees: $700

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.881%

5-Year ARM

6.750%

$5,581

Includes 0.907 points for $3,628

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #3030

6.973%

30-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,628 /mo

Next >

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.

The decrease in mortgage rates is good news for potential homebuyers, as it makes it more affordable for them to purchase a home. According to Sam Khater, Freddie Mac's Chief Economist, "home purchase demand is thawing from the months-long freeze that gripped the housing market" as a result of the lower rates.

First-time homebuyers are particularly sensitive to changes in mortgage rates, and the decrease in rates is likely to fuel demand among this group. Khater notes that "ample demand remains, fueled by first-time homebuyers."

While the decrease in mortgage rates is positive news for potential homebuyers, it is important to note that the current rates are still higher than they were a year ago. This means that while it may be more affordable to purchase a home now than it was in recent months, it is still more expensive than it was in early 2020.

Additionally, it is important to keep in mind that mortgage rates are not the only factor that determines the affordability of a home. Other factors such as home prices and the availability of homes for sale also play a role.

Overall, the trend of decreasing mortgage rates is positive news for potential homebuyers, as it makes it more affordable for them to purchase a home. However, it is important to consider all factors when determining the affordability of a home, and to keep in mind that the current rates are still higher than they were a year ago.