Mortgage Rates Move Up
Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®) reveals an increase in mortgage rates. As of May 30, 2024, the 30-year fixed-rate mortgage (FRM) averaged 7.03%, up from 6.94% the previous week and 6.79% a year ago. Similarly, the 15-year FRM averaged 6.36%, rising from last week's 6.24% and last year's 6.18%. Chief Economist Sam Khater attributes the hike to inflation concerns and tepid demand for longer-dated Treasury auctions, which pushed market yields up. These factors, coupled with stagnant economic signals, have led to higher mortgage rates. The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and a 20% down payment.
- The 30-year fixed-rate mortgage (FRM) averaged 7.03% as of May 30, 2024, higher than the previous week's 6.94%, indicating stability in mortgage rate trends.
- Freddie Mac continues to promote liquidity, stability, affordability, and equity in the housing market, which is beneficial for long-term investors.
- The 30-year FRM increased to 7.03% from 6.94% the previous week, which may deter potential homebuyers due to higher borrowing costs.
- The 15-year FRM also saw an increase, averaging 6.36%, up from 6.24% the previous week, which could further strain affordability for homebuyers.
- Higher mortgage rates are attributed to inflation concerns and weak demand for longer-dated Treasury auctions, reflecting broader economic uncertainties.
- Stagnant economic signals could continue to push mortgage rates higher, potentially impacting the housing market negatively.
MCLEAN, Va., May 30, 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 7.03 percent.
“Following several weeks of decline, mortgage rates changed course this week,” said Sam Khater, Freddie Mac’s Chief Economist. “More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.”
News Facts
- The 30-year FRM averaged 7.03 percent as of May 30, 2024, up from last week when it averaged 6.94 percent. A year ago at this time, the 30-year FRM averaged 6.79 percent.
- The 15-year FRM averaged 6.36 percent, up from last week when it averaged 6.24 percent. A year ago at this time, the 15-year FRM averaged 6.18 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/6a73ed6a-07bc-4723-9dab-a8d69e7fda46
FAQ
What is the current average 30-year fixed-rate mortgage according to Freddie Mac?
How did the 15-year fixed-rate mortgage change in the latest Freddie Mac survey?
What factors contributed to the rise in mortgage rates according to Freddie Mac?
How do the current mortgage rates compare to those from a year ago?
What does Freddie Mac's PMMS® focus on?
