Mortgage Rates Rise

Rhea-AI Summary

Freddie Mac reports a rise in 30-year fixed-rate mortgage to 6.77 percent, impacting homebuying season. Mortgage applications show a decline compared to last year. The 15-year FRM also increased. Freddie Mac aims to make homeownership possible for families.

MCLEAN, Va., Feb. 15, 2024 (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 6.77 percent.

"On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”

News Facts

• The 30-year FRM averaged 6.77 percent as of February 15, 2024, up from last week when it averaged 6.64 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent.
• The 15-year FRM averaged 6.12 percent, up from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 5.51 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/d05175ee-4ad2-43fc-bd13-f1a35271e516

FAQ

What is the current 30-year fixed-rate mortgage percentage reported by Freddie Mac?

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.77 percent.

How does the rise in mortgage rates impact the spring homebuying season?

The increase in mortgage rates may potentially slow down the spring homebuying season.

What is the mission of Freddie Mac?

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

What type of loans does the Primary Mortgage Market Survey focus on?

The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

How does Freddie Mac support families in housing?

Freddie Mac has helped tens of millions of families buy, rent, or keep their homes since 1970.