Mortgage Rates Tumble
Freddie Mac (OTCQB: FMCC) reported on November 17, 2022, that the average 30-year fixed-rate mortgage dropped to 6.61%, down from 7.08% the previous week and significantly lower than last year's 3.10%. The 15-year fixed-rate mortgage also fell to 5.98% from 6.38%. Chief Economist Sam Khater noted that while the decline is positive, the housing market still faces challenges due to sustained inflation and high interest rates. Additionally, Freddie Mac has launched enhancements to its Primary Mortgage Market Survey methodology for improved data accuracy.
- 30-year fixed-rate mortgage decreased to 6.61%, a significant drop from 7.08% the previous week.
- 15-year fixed-rate mortgage also declined to 5.98%, down from 6.38%.
- Inflation remains elevated, suggesting continued pressure on the housing market.
- Federal Reserve likely to keep interest rates high, impacting affordability.
MCLEAN, Va., Nov. 17, 2022 (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 6.61 percent.
“Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked,” said Sam Khater, Freddie Mac’s Chief Economist. “While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact.”
Khater added, “Over the last fifty years, Freddie Mac has closely monitored the trajectory of mortgage rates. This week we are launching enhancements to our Primary Mortgage Market Survey methodology that will increase its accuracy and reliability. This new approach will incorporate more detailed data and monitor real-time mortgage rates more closely.”
Freddie Mac recently announced a number of PMMS® enhancements to improve the collection, quality and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications from across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS® will no longer publish fees/points or adjustable rates. The newly recast PMMS® was put in place this week.
News Facts
- 30-year fixed-rate mortgage averaged 6.61 percent as of November 17, 2022, down from last week when it averaged 7.08 percent. A year ago at this time, the 30-year FRM averaged 3.10 percent.
- 15-year fixed-rate mortgage averaged 5.98 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 2.39 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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/0cde3e97-2959-477b-85b2-f14d072a661d
FAQ
What is the current average rate for a 30-year fixed mortgage by FMCC as of November 2022?
How much did the 30-year mortgage rate decrease from last week?
What does Freddie Mac's recent announcement say about mortgage rates?
What enhancements were made to FMCC's Primary Mortgage Market Survey?
What was the average rate for a 15-year fixed mortgage by FMCC?
