Mortgage Rates Continue to Hover in the Mid-Six Percent Range

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage averaging 6.66 percent, causing homebuyer demand to increase slightly. Affordability remains a major headwind for buyers, with prices rising faster than incomes.

Positive

• 30-year FRM averaged 6.66 percent, up from 6.62 percent last week and 6.33 percent a year ago
• 15-year FRM averaged 5.87 percent, down from 5.89 percent last week and 5.52 percent a year ago
• Freddie Mac's mission is to promote liquidity, stability, affordability, and equity in the housing market

Negative

• Affordability remains a major headwind for buyers
• Inventory remains tight, causing prices to rise faster than incomes

MCLEAN, Va., Jan. 11, 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 6.66 percent.

“Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”

News Facts

• The 30-year FRM averaged 6.66 percent as of January 11, 2024, up from last week when it averaged 6.62 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent.
• The 15-year FRM averaged 5.87 percent, down from last week when it averaged 5.89 percent. A year ago at this time, the 15-year FRM averaged 5.52 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/1a4e1fc0-8166-41c1-9478-d48d30e577ee

FAQ

What is the average 30-year fixed-rate mortgage reported by Freddie Mac (FMCC)?

The 30-year fixed-rate mortgage averaged 6.66 percent as of January 11, 2024.

What is the average 15-year fixed-rate mortgage reported by Freddie Mac (FMCC)?

The 15-year fixed-rate mortgage averaged 5.87 percent as of January 11, 2024.

What is Freddie Mac's mission?

Freddie Mac's mission is to promote liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.