Mortgage Rates Move Lower
Freddie Mac (OTCQB: FMCC) announced its latest Primary Mortgage Market Survey® (PMMS®) results, showing the 30-year fixed-rate mortgage (FRM) has dropped to 6.87% as of June 20, 2024, from 6.95% last week. This is the third consecutive week of falling rates, driven by signs of cooling inflation and market anticipation of a future Federal Reserve rate cut. The 15-year FRM also saw a decline, now averaging 6.13% compared to 6.17% last week. A year ago, the 30-year and 15-year FRMs were at 6.67% and 6.03%, respectively. Chief Economist Sam Khater highlighted that these lower rates and an improving housing supply are favorable for the housing market, advising prospective homeowners to shop around for the best rates. The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and a 20% down payment.
- 30-year FRM decreased to 6.87%, down from 6.95% last week.
- 15-year FRM decreased to 6.13% from 6.17% last week.
- Third consecutive week of declining mortgage rates.
- Lower mortgage rates coupled with an improving housing supply are beneficial for the housing market.
- 30-year FRM is still higher than a year ago at 6.67%.
- 15-year FRM is still higher than a year ago at 6.03%.
MCLEAN, Va., June 20, 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 6.87 percent.
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”
News Facts
- The 30-year FRM averaged 6.87 percent as of June 20, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.
- The 15-year FRM averaged 6.13 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.03 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:
Chad Wandler
(703) 903-2446
Chad_Wandler@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af98f9e0-8ad3-4358-8ffa-79e6b834352c
FAQ
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