Today's Mortgage and Refinance Rates: February 20, 2023 | Rates Remain Elevated After Two Weeks of Increases
The latest economic data shows that inflation didn’t slow as much as expected in January. The Federal Reserve has made it clear that it wants to see price growth come down further before it will consider stopping its hikes to the federal funds rate. It's likely that we'll need to see a few more months of decelerating inflation before mortgage rates will trend down again.
30-year Fixed Mortgage Rates
The current average 30-year fixed mortgage rate is 6.32%, according to Freddie Mac. This is an increase from the previous week.
15-year Fixed Mortgage Rates
The average 15-year fixed mortgage rate is 5.51%, an increase from the prior week, according to Freddie Mac data.
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