A year ago, the average 30-year fixed mortgage interest rate was 3.6%.  Over the course of the past year that climbed... and climbed... and climbed... to a peak of 7.08% in October and November of 2022.

As such, many buyers entered 2023 assuming we would likely see mortgage interest rates at or above 7% for much or most of 2023.

Thankfully, that doesn't seem to be how 2023 is likely to unfold.

After peaking at 7.08%, the average mortgage interest rate has been mostly declining... down to an average last week of 6.15%.

I think it is extraordinarily unlikely that we would get back down to mortgage interest rates below 4% in 2023.

It is also relatively unlikely that we'll see interest rates below 5%.

But... I think it is now seeming unlikely that we'll see mortgage interest rates stick around above 7%.

As such... we seem likely to see mortgage interest rates above 5% and below 7% in 2023... and if we give it a few more weeks we might conclude that rates might stay above 5% and below 6% for most of 2023.

This is a trend that home buyers in 2023 are quite happy to see!