Mortgage Rates Exceed 7 Percent for the First Time this Year

Rhea-AI Summary

Freddie Mac reports that the 30-year fixed-rate mortgage has exceeded 7 percent for the first time this year, reaching 7.10 percent. Potential homebuyers are faced with the decision of buying now or waiting for possible rate decreases later in the year. Purchase applications have risen modestly, but the impact of increasing rates on homebuyers remains uncertain.

Positive

• The 30-year fixed-rate mortgage has increased to 7.10 percent from 6.88 percent last week.
• The 15-year fixed-rate mortgage has also risen to 6.39 percent from 6.16 percent.
• Freddie Mac aims to make homeownership possible for families by promoting liquidity, stability, affordability, and equity in the housing market.
• Since 1970, Freddie Mac has assisted millions of families in buying, renting, or maintaining their homes.

Negative

• None.

MCLEAN, Va., April 18, 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 7.10 percent.

“The 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, jumping from 6.88 percent to 7.10 percent this week,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year. Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”

News Facts

• The 30-year FRM averaged 7.10 percent as of April 18, 2024, up from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent.
• The 15-year FRM averaged 6.39 percent, up from last week when it averaged 6.16 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/c5dd7d33-b175-4e35-91e0-90807a0f06e0

FAQ

What is the current average rate for the 30-year fixed-rate mortgage (FRM) according to Freddie Mac's Primary Mortgage Market Survey (PMMS)?

As of April 18, 2024, the 30-year FRM averaged 7.10 percent.

How does the current 30-year FRM rate compare to the rate from last week?

The current rate of 7.10 percent is higher than last week's rate of 6.88 percent.

What is the average rate for the 15-year fixed-rate mortgage (FRM) based on the recent survey?

The 15-year FRM averaged 6.39 percent in the latest survey.

What is Freddie Mac's mission in the housing market?

Freddie Mac aims to make homeownership possible for families by promoting liquidity, stability, affordability, and equity in the housing market.

How long has Freddie Mac been assisting families in the housing market?

Since 1970, Freddie Mac has helped millions of families in buying, renting, or keeping their homes.