Mortgage Rates Remain at the Lowest Level in Over a Year

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® reveals that 30-year fixed-rate mortgages (FRM) averaged 6.49% as of August 15, 2024, slightly up from 6.47% last week but significantly lower than the 7.09% rate a year ago. The 15-year FRM averaged 5.66%, up from 5.63% last week and down from 6.46% a year ago. Chief Economist Sam Khater notes that rates are over half a percent lower than last year, contrasting with the nearly 8% rates in 2023 that slowed the housing market. He predicts rates will likely trend downward in coming months as inflation slows, potentially benefiting both buyers and sellers.

Positive

• 30-year fixed-rate mortgage averaged 6.49%, significantly lower than 7.09% a year ago
• 15-year fixed-rate mortgage averaged 5.66%, down from 6.46% a year ago
• Mortgage rates are over half a percent lower than the same time last year
• Rates are expected to trend downward in the coming months as inflation slows

Negative

• 30-year fixed-rate mortgage increased slightly from 6.47% last week to 6.49%
• 15-year fixed-rate mortgage increased from 5.63% last week to 5.66%

MCLEAN, Va., Aug. 15, 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 6.49 percent.

“While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” said Sam Khater, Freddie Mac’s Chief Economist. “In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”

News Facts

• The 30-year FRM averaged 6.49 percent as of August 15, 2024, up from last week when it averaged 6.47 percent. A year ago at this time, the 30-year FRM averaged 7.09 percent.
• The 15-year FRM averaged 5.66 percent, up from last week when it averaged 5.63 percent. A year ago at this time, the 15-year FRM averaged 6.46 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/6bbcbfb6-770c-43eb-9f32-c693f8e2f183

FAQ

What was the average 30-year fixed-rate mortgage rate on August 15, 2024, for Freddie Mac (FMCC)?

The average 30-year fixed-rate mortgage rate was 6.49% as of August 15, 2024, according to Freddie Mac's Primary Mortgage Market Survey®.

How does the current 30-year fixed-rate mortgage rate compare to last year for Freddie Mac (FMCC)?

The current 30-year fixed-rate mortgage rate of 6.49% is significantly lower than the rate of 7.09% recorded a year ago.

What is the forecast for mortgage rates according to Freddie Mac's (FMCC) Chief Economist?

Freddie Mac's Chief Economist, Sam Khater, predicts that mortgage rates will likely trend downward in the coming months as inflation continues to slow.

How has the 15-year fixed-rate mortgage rate changed for Freddie Mac (FMCC) compared to last year?

The 15-year fixed-rate mortgage averaged 5.66% as of August 15, 2024, down from 6.46% a year ago.