As Treasury Yields Decline, Mortgage Rates Move Down

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage averaging 7.5%, down from last week, largest one-week decrease since last November. Household debt continues to rise, straining consumers. 15-year FRM also down to 6.81%.

Positive

• 30-year FRM rate dropped significantly, potentially stimulating the housing market.

Negative

• None.

MCLEAN, Va., Nov. 09, 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 7.5 percent.

“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”

News Facts

• 30-year fixed-rate mortgage averaged 7.5 percent as of November 9, 2023, down from last week when it averaged 7.76 percent. A year ago at this time, the 30-year FRM averaged 7.08 percent.
• 15-year fixed-rate mortgage averaged 6.81 percent, down from last week when it averaged 7.03 percent. A year ago at this time, the 15-year FRM averaged 6.38 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/88db85d5-e6e5-45ee-b749-8eb860f75a77

FAQ

What is the current 30-year fixed-rate mortgage average for Freddie Mac (FMCC)?

As of November 9, 2023, the 30-year FRM averaged 7.5 percent.

What is the mission of Freddie Mac (FMCC)?

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.

How can consumers learn more about Freddie Mac (FMCC)?

Consumers can visit Freddie Mac's website or follow them on social media platforms like Twitter, LinkedIn, Facebook, Instagram, and YouTube for more information.

What is the contact information for media inquiries for Freddie Mac (FMCC)?

For media inquiries, contact Angela Waugaman at (703) 714-0644 or email Angela_Waugaman@FreddieMac.com.