Mortgage Rates Continue to Tumble

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) reveals a decline in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.09%, down from 6.20% last week and 7.19% a year ago. The 15-year FRM averaged 5.15%, decreased from 5.27% last week and 6.54% a year ago.

Sam Khater, Freddie Mac's Chief Economist, notes that rates are approaching the 6% mark, stimulating purchase and refinance demand. He expects rates to fall further following the Federal Reserve's first rate cut in over four years, potentially boosting housing market activity.

The PMMS® focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit. Freddie Mac's mission is to promote liquidity, stability, affordability, and equity in the housing market throughout economic cycles.

Positive

• 30-year fixed-rate mortgage (FRM) decreased to 6.09% from 6.20% last week
• 15-year FRM decreased to 5.15% from 5.27% last week
• Mortgage rates are significantly lower compared to a year ago
• Declining rates are reviving purchase and refinance demand
• Further rate decreases are expected, potentially sparking more housing activity

Negative

• None.

MCLEAN, Va., Sept. 19, 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 6.09 percent.

“Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”

News Facts

• The 30-year FRM averaged 6.09 percent as of September 19, 2024, down from last week when it averaged 6.20 percent. A year ago at this time, the 30-year FRM averaged 7.19 percent.
• The 15-year FRM averaged 5.15 percent, down from last week when it averaged 5.27 percent. A year ago at this time, the 15-year FRM averaged 6.54 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 | X | 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/08344746-0064-45b9-9a4a-6765b4420a48

FAQ

What is the current 30-year fixed-rate mortgage (FRM) average according to Freddie Mac's PMMS for September 19, 2024?

The 30-year fixed-rate mortgage (FRM) averaged 6.09% as of September 19, 2024, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®).

How has the 15-year FRM rate changed compared to last week for Freddie Mac (FMCC)?

The 15-year FRM averaged 5.15%, down from 5.27% last week, as reported by Freddie Mac (FMCC).

What does Freddie Mac's Chief Economist predict about future mortgage rates?

Sam Khater, Freddie Mac's Chief Economist, expects mortgage rates to fall further, potentially sparking more housing market activity.

How do the current mortgage rates compare to those from a year ago for Freddie Mac (FMCC)?

The current rates are significantly lower. A year ago, the 30-year FRM averaged 7.19% and the 15-year FRM averaged 6.54%, compared to 6.09% and 5.15% respectively in the latest report.