For the week ending February 23, rates rose to 6.50% from 6.32% the week before.

Rates continued to increase in the past week, as the markets are reacting to several data points showing stronger than expected economic growth. This clears the way for additional rate increases by the Fed. For the week ending February 23, rates rose to 6.50% from 6.32% the week before. In addition, 15-year loans increased to 5.76%. A year ago, 30-year fixed rates averaged 3.89%, more than 2.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated February 24, 2023