With the housing market ‘fizzled out,’ 2023 is off to the worst start in decades

Updated: Apr 15, 2024

Homebuyers hoping for a better climate in 2023 have longer to wait, as they now face the highest mortgage rates to start a new year since 2002.

However, analysts remain hopeful that today’s volatile rates will stabilize in the coming months.

30-year fixed-rate mortgages

The average 30-year fixed-rate is 6.48%, up from last week when the average rate was 6.42%, Freddie Mac reported Thursday.

This time a year ago, the average rate was just 3.22%.

15-year fixed-rate mortgages

The average 15-year fixed-rate moved up to 5.73%, compared to the previous week’s rate of 5.68%.

This time last year, it was 2.43%.

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