Mortgage Rates Inch Up but Remain in the Mid-Six Percent Range

Rhea-AI Summary

Freddie Mac (FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.69 percent. The 30-year FRM averaged 6.69 percent as of January 25, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.13 percent. The 15-year FRM averaged 5.96 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 5.17 percent. Despite persistent inventory challenges, Freddie Mac anticipates a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.

MCLEAN, Va., Jan. 25, 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 6.69 percent.

“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.”

News Facts

• The 30-year FRM averaged 6.69 percent as of January 25, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.13 percent.
• The 15-year FRM averaged 5.96 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 5.17 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/c29c9ed5-bbfa-4859-81bc-6e8ff7dd7484

 

FAQ

What is the 30-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) as of January 25, 2024?

The 30-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) averaged 6.69 percent as of January 25, 2024.

What is the 15-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) as of January 25, 2024?

The 15-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) averaged 5.96 percent as of January 25, 2024.

What is Freddie Mac's (FMCC) anticipation for the spring homebuying season in 2024?

Freddie Mac anticipates a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.