Mortgage Rates Continue to Decrease

Rhea-AI Summary

Freddie Mac (FMCC) reports a decrease in the 30-year fixed-rate mortgage to 6.74%, down from 6.88% last week. The 15-year FRM also decreased to 6.16% from 6.22%. Freddie Mac's Chief Economist, Sam Khater, mentions the pressure of sticky inflation affecting rates, which are expected to remain high for a longer period.

MCLEAN, Va., March 14, 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 6.74 percent.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

News Facts

• The 30-year FRM averaged 6.74 percent as of March 14, 2024, down from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent.
• The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.22 percent. A year ago at this time, the 15-year FRM averaged 5.90 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/301c8fbb-c310-4f39-99f9-b2577c56777a

FAQ

What is the current 30-year fixed-rate mortgage (FRM) percentage according to Freddie Mac (FMCC)?

Freddie Mac (FMCC) reports the current 30-year fixed-rate mortgage (FRM) percentage at 6.74%.

What was the 30-year FRM percentage last week as per Freddie Mac (FMCC)?

Last week, the 30-year fixed-rate mortgage (FRM) percentage was 6.88% according to Freddie Mac (FMCC).

What is the 15-year FRM percentage currently reported by Freddie Mac (FMCC)?

Freddie Mac (FMCC) currently reports the 15-year fixed-rate mortgage (FRM) percentage at 6.16%.

Who is the Chief Economist of Freddie Mac (FMCC)?

Sam Khater is the Chief Economist of Freddie Mac (FMCC).

How does Freddie Mac (FMCC) describe the market's current situation regarding mortgage rates?

Freddie Mac (FMCC) mentions that despite recent declines, mortgage rates remain high due to the pressure of sticky inflation, indicating rates may stay elevated for a longer duration.