Mortgage Rates Continue to Slide Down

Rhea-AI Summary

Freddie Mac (FMCC) reports a decrease in 30-year fixed-rate mortgage (FRM) to 7.29 percent, down from 7.44 percent last week and 6.58 percent a year ago. The 15-year FRM also decreased to 6.67 percent from 6.76 percent last week and 5.9 percent a year ago. Existing home sales have fallen to a thirteen-year low, reflecting potential homebuyers holding out for lower rates and more inventory.

Positive

• None.

Negative

• Existing home sales have fallen to a thirteen-year low, indicating a challenging market for potential homebuyers.

MCLEAN, Va., Nov. 22, 2023 (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 7.29 percent. This week’s results include an adjustment for the observance of Thanksgiving.

“Mortgage rates continued to decrease heading into the Thanksgiving holiday,” said Sam Khater, Freddie Mac’s Chief Economist. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.”

News Facts

• The 30-year FRM averaged 7.29 percent as of November 22, 2023, down from last week when it averaged 7.44 percent. A year ago at this time, the 30-year FRM averaged 6.58 percent.
• The 15-year FRM averaged 6.67 percent, down from last week when it averaged 6.76 percent. A year ago at this time, the 15-year FRM averaged 5.9 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/4e00e144-527f-441f-8997-57303500ab89

FAQ

What are the current 30-year fixed-rate mortgage (FRM) and 15-year FRM averages for Freddie Mac (FMCC)?

As of November 22, 2023, the 30-year FRM averaged 7.29 percent, and the 15-year FRM averaged 6.67 percent.

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

The current 30-year FRM has decreased from 7.44 percent last week and 6.58 percent a year ago. The 15-year FRM has also decreased from 6.76 percent last week and 5.9 percent a year ago.

What is the reason behind the decrease in existing home sales for Freddie Mac (FMCC)?

Potential homebuyers are holding out for lower rates and more inventory, leading to a decrease in existing home sales.

What is Freddie Mac's (FMCC) mission?

Freddie Mac's mission is to make home possible for families across the nation, promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.