Mortgage Rates Continue to Increase

Rhea-AI Summary

Freddie Mac reports an increase in mortgage rates, with the 30-year fixed-rate mortgage averaging 7.17 percent. Despite the rise, purchase demand remains steady, and sales of newly built homes saw a significant increase. The 15-year FRM also saw an uptick in rates compared to the previous week and the previous year. Freddie Mac's mission is to make homeownership possible for families, supporting liquidity, stability, affordability, and equity in the housing market.

Positive

• The 30-year fixed-rate mortgage averaged 7.17 percent on April 25, 2024, up from 7.10 percent the previous week and 6.43 percent a year ago.
• The 15-year fixed-rate mortgage averaged 6.44 percent, increasing from 6.39 percent the previous week and 5.71 percent a year ago.
• Sales of newly built homes saw the biggest increase since December 2022 despite rising mortgage rates.
• Freddie Mac aims to make homeownership accessible to families by promoting liquidity, stability, affordability, and equity in the housing market.

Negative

• None.

MCLEAN, Va., April 25, 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 7.17 percent.

“Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.”

News Facts

• The 30-year FRM averaged 7.17 percent as of April 25, 2024, up from last week when it averaged 7.10 percent. A year ago at this time, the 30-year FRM averaged 6.43 percent.
• The 15-year FRM averaged 6.44 percent, up from last week when it averaged 6.39 percent. A year ago at this time, the 15-year FRM averaged 5.71 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/0e9be705-2e4b-4a8b-866d-c2529a60f065

 

FAQ

What was the average 30-year fixed-rate mortgage on April 25, 2024, according to Freddie Mac's report?

The 30-year fixed-rate mortgage averaged 7.17 percent on April 25, 2024.

How does the 30-year fixed-rate mortgage rate on April 25, 2024, compare to the previous week's rate?

The 30-year fixed-rate mortgage rate increased from 7.10 percent the previous week to 7.17 percent on April 25, 2024.

What was the average 15-year fixed-rate mortgage on April 25, 2024, according to Freddie Mac's report?

The 15-year fixed-rate mortgage averaged 6.44 percent on April 25, 2024.

How does the 15-year fixed-rate mortgage rate on April 25, 2024, compare to the previous week's rate?

The 15-year fixed-rate mortgage rate increased from 6.39 percent the previous week to 6.44 percent on April 25, 2024.

What mission does Freddie Mac have regarding homeownership?

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