After a Multi-week Climb, Mortgage Rates Level Off

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) reveals that the 30-year fixed-rate mortgage averaged 7.76 percent, slightly lower than the previous week's average of 7.79 percent. The 15-year fixed-rate mortgage remained unchanged at 7.03 percent. The Federal Reserve's decision not to raise interest rates, coupled with geopolitical uncertainty, may impact the housing market and overall economic landscape.

MCLEAN, Va., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.76 percent.

“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.”

News Facts

• 30-year fixed-rate mortgage averaged 7.76 percent as of November 2, 2023, down from last week when it averaged 7.79 percent. A year ago at this time, the 30-year FRM averaged 6.95 percent.
• 15-year fixed-rate mortgage averaged 7.03 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.29 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3f86f3c-f4f2-4358-87bc-35f5c2a30b8b

FAQ

What is the average rate for the 30-year fixed-rate mortgage according to Freddie Mac's PMMS®?

The average rate for the 30-year fixed-rate mortgage is 7.76 percent.

What is the average rate for the 15-year fixed-rate mortgage according to Freddie Mac's PMMS®?

The average rate for the 15-year fixed-rate mortgage is 7.03 percent.

Has the Federal Reserve raised interest rates?

No, the Federal Reserve has decided not to raise interest rates at this time.

How might the ambiguity around monetary policy impact the housing market?

The ambiguity around monetary policy, along with geopolitical uncertainty, may stall improvements in the housing market.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families across the nation by promoting liquidity, stability, affordability, and equity in the housing market.