Mortgage Rates Remained Flat This Week

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) shows mortgage rates remained flat this week, with the 30-year fixed-rate mortgage (FRM) averaging 6.35%, unchanged from last week. The 15-year FRM averaged 5.47%, down from 5.51% last week. Compared to a year ago, both rates are significantly lower, with the 30-year FRM down from 7.12% and the 15-year FRM down from 6.52%.

Sam Khater, Freddie Mac's Chief Economist, noted that markets are awaiting the August jobs report. Despite lower rates, home sales have been lackluster. However, homeowners who bought in recent years are taking advantage of declining rates to lower their monthly payments through refinancing.

Positive

• 30-year fixed-rate mortgage (FRM) averaged 6.35%, significantly lower than 7.12% a year ago
• 15-year FRM averaged 5.47%, down from 6.52% a year ago
• Homeowners are refinancing to lower monthly payments

Negative

• Home sales remain lackluster despite lower mortgage rates

MCLEAN, Va., Sept. 05, 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 6.35 percent.

“Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.”

News Facts

• The 30-year FRM averaged 6.35 percent as of September 5, 2024, unchanged from last week. A year ago at this time, the 30-year FRM averaged 7.12 percent.
• The 15-year FRM averaged 5.47 percent, down from last week when it averaged 5.51 percent. A year ago at this time, the 15-year FRM averaged 6.52 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 | X | 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/62f90cd2-5751-4de0-801b-aabbc3ab60cb

FAQ

What was the average 30-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) as of September 5, 2024?

The 30-year fixed-rate mortgage (FRM) averaged 6.35% as of September 5, 2024, unchanged from the previous week.

How does the current 30-year FRM rate compare to the same period last year for Freddie Mac (FMCC)?

The current 30-year FRM rate of 6.35% is significantly lower than the 7.12% rate from a year ago.

What was the average 15-year fixed-rate mortgage (FRM) for Freddie Mac (FMCC) as of September 5, 2024?

The 15-year fixed-rate mortgage (FRM) averaged 5.47% as of September 5, 2024, down from 5.51% the previous week.

How are homeowners responding to the declining mortgage rates, according to Freddie Mac (FMCC)?

Homeowners who bought in recent years are taking advantage of declining mortgage rates to refinance and lower their monthly payments.