Mortgage Rates Pull Back

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) has reported a decrease in mortgage rates in its latest Primary Mortgage Market Survey® (PMMS®). As of June 6, 2024, the 30-year fixed-rate mortgage (FRM) averaged 6.99%, down from 7.03% the previous week. Additionally, the 15-year FRM averaged 6.29%, a slight decrease from 6.36% last week. Despite a slower growth rate in the economy, Freddie Mac's Chief Economist, Sam Khater, anticipates modest declines in mortgage rates for the remainder of 2024. Potential homebuyers are advised to shop around for the best rates. A year ago, the 30-year FRM was 6.71%, and the 15-year FRM was 6.07%.

Positive

• 30-year FRM rates decreased to 6.99% from 7.03%.
• 15-year FRM rates decreased to 6.29% from 6.36%.
• Freddie Mac's Chief Economist expects modest declines in mortgage rates for the rest of 2024.

Negative

• The 30-year FRM is still higher compared to the same time last year (6.71%).
• The 15-year FRM is also higher than last year (6.07%).
• Continued economic slowdown may impact mortgage affordability.

MCLEAN, Va., June 06, 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 6.99 percent.

“Mortgage rates retreated this week given incoming data showing slower growth,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”

News Facts

• The 30-year FRM averaged 6.99 percent as of June 6, 2024, down from last week when it averaged 7.03 percent. A year ago at this time, the 30-year FRM averaged 6.71 percent.
• The 15-year FRM averaged 6.29 percent, down from last week when it averaged 6.36 percent. A year ago at this time, the 15-year FRM averaged 6.07 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

FAQ

What is the current 30-year fixed-rate mortgage rate according to Freddie Mac?

As of June 6, 2024, the 30-year fixed-rate mortgage rate is 6.99%.

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

The current 30-year FRM is 6.99%, down from 7.03% last week.

What was the 15-year FRM rate in Freddie Mac's latest survey?

The 15-year fixed-rate mortgage rate is 6.29% as of June 6, 2024.

How do current mortgage rates compare to the same time last year?

The 30-year FRM was 6.71% and the 15-year FRM was 6.07% a year ago.

What does Freddie Mac predict for mortgage rates for the rest of 2024?

Freddie Mac's Chief Economist expects modest declines in mortgage rates for the remainder of 2024.