Freddie Mac’s Primary Mortgage Market Survey has revealed a rise in mortgage rates, with the 30-year fixed-rate mortgage averaging 6.50% as of February 23, 2023.

This represents a notable increase from the previous week’s average of 6.32% and a significant jump from the 3.89% recorded at the same time last year. The 15-year fixed-rate mortgage has also seen an uptick, averaging 5.76%, up from last week’s 5.51%.

Sam Khater, chief economist of Freddie Mac, said interest rates are repricing to account for the stronger-than-expected economic growth, tight labor market, and the threat of inflation. Khater recommends that homebuyers shop around among lenders to save on their mortgage.