Mortgage Rates Drop Slightly

Rhea-AI Summary

Freddie Mac (FMCC) reports a 30-year fixed-rate mortgage at 6.79%, down from last week's 6.87%. The 15-year FRM is at 6.11%. Positive data on existing home sales is noted, with rates remaining elevated near seven percent. Freddie Mac aims to make home ownership possible for families nationwide.

MCLEAN, Va., March 28, 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 6.79 percent.

“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”

News Facts

• The 30-year FRM averaged 6.79 percent as of March 28, 2024, down from last week when it averaged 6.87 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent.
• The 15-year FRM averaged 6.11 percent, down from last week when it averaged 6.21 percent. A year ago at this time, the 15-year FRM averaged 5.56 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:
Mollie Laniado
(571) 382-1784
Mollie_Laniado@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/031ed3ec-444d-4748-b1e9-7cf048d0bcab

FAQ

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

Freddie Mac (FMCC) reported a 30-year fixed-rate mortgage of 6.79%.

How does the current 30-year fixed-rate mortgage compare to the previous week's rate according to Freddie Mac (FMCC)?

The current 30-year fixed-rate mortgage of 6.79% is down from last week's 6.87% as reported by Freddie Mac (FMCC).

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

Freddie Mac (FMCC) reported a 15-year fixed-rate mortgage of 6.11%.

What is Freddie Mac's (FMCC) mission?

Freddie Mac's (FMCC) mission is to make home ownership possible for families across the nation by promoting liquidity, stability, affordability, and equity in the housing market.

What type of home purchase loans does the Primary Mortgage Market Survey (PMMS) focus on according to Freddie Mac (FMCC)?

The PMMS by Freddie Mac (FMCC) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.