Mortgage Rates Drop Below Seven Percent

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage (FRM) averaging 6.95 percent, down from 7.03 percent last week. 15-year FRM at 6.38 percent, up from 6.29 percent.

MCLEAN, Va., Dec. 14, 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 6.95 percent.

“Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August,” said Sam Khater, Freddie Mac’s Chief Economist. “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.”

News Facts

• The 30-year FRM averaged 6.95 percent as of December 14, 2023, down from last week when it averaged 7.03 percent. A year ago at this time, the 30-year FRM averaged 6.31 percent.
• The 15-year FRM averaged 6.38 percent, up from last week when it averaged 6.29 percent. A year ago at this time, the 15-year FRM averaged 5.54 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/ef52d71a-b3b0-4aa5-a7dc-e29d4b69675d

FAQ

What are the results of Freddie Mac's Primary Mortgage Market Survey (PMMS)?

Freddie Mac's PMMS shows the 30-year fixed-rate mortgage (FRM) averaged 6.95 percent and the 15-year FRM averaged 6.38 percent.

What are the current mortgage rates according to Freddie Mac?

The 30-year FRM averaged 6.95 percent, down from last week's 7.03 percent. The 15-year FRM averaged 6.38 percent, up from 6.29 percent last week.

How does Freddie Mac's Chief Economist, Sam Khater, view the current mortgage rates?

Sam Khater states that potential homebuyers received welcome news as mortgage rates dropped below seven percent for the first time since August. He expects a gradual thawing of the housing market in the new year.

What is Freddie Mac's mission?

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

How can I contact Freddie Mac for more information?

For more information, you can visit Freddie Mac's website or contact Angela Waugaman at (703) 714-0644 or Angela_Waugaman@FreddieMac.com.