Mortgage Rates Continue to Decrease

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates in its latest Primary Mortgage Market Survey as of December 1, 2022. The 30-year fixed-rate mortgage averaged 6.49%, down from 6.58% last week, but significantly higher than the 3.11% average a year ago. The 15-year fixed-rate mortgage also decreased to 5.76% from 5.90%. Despite lower rates and softening house prices, homebuyer demand remains limited due to ongoing economic uncertainty.

Positive

• 30-year mortgage rates decreased to 6.49%, down from 6.58% last week.
• 15-year mortgage rates reduced to 5.76%, down from 5.90% last week.

Negative

• Homebuyer demand is limited due to economic uncertainty.

MCLEAN, Va., Dec. 01, 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 6.49 percent.

“Mortgage rates continued to drop this week as optimism grows around the prospect that the Federal Reserve will slow its pace of rate hikes,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as rates decrease and house prices soften, economic uncertainty continues to limit homebuyer demand as we enter the last month of the year.”

News Facts

• 30-year fixed-rate mortgage averaged 6.49 percent as of December 1, 2022, down from last week when it averaged 6.58 percent. A year ago at this time, the 30-year FRM averaged 3.11 percent.

• 15-year fixed-rate mortgage averaged 5.76 percent, down from last week when it averaged 5.90 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/47c7a0e8-8ae6-4777-8c91-0e548534d5f0

FAQ

What is the latest mortgage rate reported by Freddie Mac for December 1, 2022?

The latest 30-year fixed-rate mortgage rate is 6.49%, down from 6.58% the previous week.

How does the current mortgage rate compare to last year’s rates?

A year ago, the 30-year fixed-rate mortgage averaged 3.11%, indicating a significant increase in rates year-over-year.

What factors are affecting homebuyer demand according to Freddie Mac?

Homebuyer demand is being limited by ongoing economic uncertainty.

What was the average rate for the 15-year fixed-rate mortgage as of December 1, 2022?

The average rate for the 15-year fixed-rate mortgage is 5.76%, down from 5.90% the previous week.