Mortgage Rates Tick Down

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates as of November 23, 2022. The 30-year fixed-rate mortgage averaged 6.58%, down from 6.61% the previous week, while the 15-year fixed-rate mortgage averaged 5.90%, a decline from 5.98%. This adjustment reflects market volatility influencing potential homebuyers, leading to a slowdown in existing home sales across all price points. A year ago, these rates were significantly lower, at 3.10% and 2.42% for 30-year and 15-year mortgages, respectively.

Positive

• Decrease in 30-year fixed-rate mortgage to 6.58%, down from 6.61% the previous week.
• 15-year fixed-rate mortgage also declined to 5.90% from 5.98% last week.

Negative

• Existing home sales are slowing across all price points due to mortgage rate volatility.
• Current mortgage rates are significantly higher than last year's levels (30-year FRM at 3.10%, 15-year FRM at 2.42%).

MCLEAN, Va., Nov. 23, 2022 (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 6.58 percent. This week’s results include an adjustment for the observance of Thanksgiving.

“Mortgage rates continued to tick down heading into the Thanksgiving holiday,” said Sam Khater, Freddie Mac’s Chief Economist. “In recent weeks, rates have hit above seven percent only to drop by almost half a percentage point. This volatility is making it difficult for potential homebuyers to know when to get into the market, and that is reflected in the latest data which shows existing home sales slowing across all price points.”

News Facts

• 30-year fixed-rate mortgage averaged 6.58 percent as of November 23, 2022, down from last week when it averaged 6.61 percent. A year ago at this time, the 30-year FRM averaged 3.10 percent.
• 15-year fixed-rate mortgage averaged 5.90 percent, down from last week when it averaged 5.98 percent. A year ago at this time, the 15-year FRM averaged 2.42 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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/4703dc7e-9d93-4bd4-8800-b1fc0f1b31ee

FAQ

What is the current mortgage rate according to Freddie Mac's PMMS?

As of November 23, 2022, the 30-year fixed-rate mortgage averages 6.58%.

How does the current mortgage rate compare to last year?

Last year, the 30-year fixed-rate mortgage averaged 3.10%, indicating a significant increase.

What factors are influencing home sales according to Freddie Mac?

Volatility in mortgage rates is affecting potential homebuyers, leading to a slowdown in existing home sales.

What was the average rate for a 15-year fixed-rate mortgage?

The 15-year fixed-rate mortgage averaged 5.90% as of November 23, 2022.