Mortgage Rates Drop for the Fifth Consecutive Week

Rhea-AI Summary

Freddie Mac (FMCC) reports a decline in mortgage rates, with the 30-year fixed-rate mortgage averaging 7.22 percent, down from last week's 7.29 percent and significantly higher than the 6.49 percent from a year ago. The 15-year FRM also decreased to 6.56 percent from 6.67 percent last week and 5.76 percent a year ago. The company aims to make home ownership possible for families, promoting liquidity, stability, affordability, and equity in the housing market.

MCLEAN, Va., Nov. 30, 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 7.22 percent.

“Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.”

News Facts

• The 30-year FRM averaged 7.22 percent as of November 30, 2023, down from last week when it averaged 7.29 percent. A year ago at this time, the 30-year FRM averaged 6.49 percent.
• The 15-year FRM averaged 6.56 percent, down from last week when it averaged 6.67 percent. A year ago at this time, the 15-year FRM averaged 5.76 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/20d9ace4-ad50-429f-bbfe-2a69d1f94a64

FAQ

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

The 30-year FRM averaged 7.22 percent, and the 15-year FRM averaged 6.56 percent as of November 30, 2023.

How do these rates compare to previous weeks and years?

The 30-year FRM is down from last week's 7.29 percent and significantly higher than the 6.49 percent from a year ago. The 15-year FRM also decreased from 6.67 percent last week and 5.76 percent a year ago.

What is Freddie Mac's (FMCC) mission?

Freddie Mac aims to make home ownership possible for families, promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.

How can I get more information about Freddie Mac (FMCC)?

For more information, you can visit the Freddie Mac website or follow them on their social media platforms such as Twitter, LinkedIn, Facebook, Instagram, and YouTube.

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

Sam Khater is the Chief Economist of Freddie Mac.