Mortgage Rates Tick Down as Markets Digest Incoming Data

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) released its latest Primary Mortgage Market Survey® (PMMS®) on July 11, 2024. The survey revealed that the 30-year fixed-rate mortgage (FRM) averaged 6.89%, down from 6.95% the previous week, and slightly lower than the 6.96% average a year ago. The 15-year FRM also saw a decrease, averaging 6.17%, compared to 6.25% last week and 6.30% a year ago. The decline in mortgage rates follows a decrease in the 10-year Treasury yield after June's jobs report indicated a cooling labor market. Increased housing inventory and price cuts provide a positive outlook for prospective buyers.

Positive

• The 30-year FRM decreased to 6.89% from 6.95% last week.
• The 15-year FRM decreased to 6.17% from 6.25% last week.
• Increased housing inventory and price cuts, offering more options for buyers.

Negative

• None.

MCLEAN, Va., July 11, 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 6.89 percent.

"Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s Chief Economist. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

News Facts

• The 30-year FRM averaged 6.89 percent as of July 11, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.96 percent.
• The 15-year FRM averaged 6.17 percent, down from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 6.30 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/0cce60a2-919d-4bed-bfc6-fdbe5cb1134e

FAQ

What is the current average 30-year fixed-rate mortgage according to FMCC's latest survey?

As of July 11, 2024, the 30-year fixed-rate mortgage averaged 6.89% according to Freddie Mac's Primary Mortgage Market Survey®.

How does the 30-year FRM average compare to last week and last year for FMCC?

The 30-year FRM averaged 6.89% this week, down from 6.95% last week and 6.96% a year ago.

What is the average rate for a 15-year fixed-rate mortgage according to FMCC?

The 15-year fixed-rate mortgage averaged 6.17% as of July 11, 2024.

What factors contributed to the recent decrease in mortgage rates reported by FMCC?

The decrease in mortgage rates is attributed to the decline in the 10-year Treasury yield following June’s cooling labor market report.

Is there any indication of housing market trends from FMCC's survey?

Yes, FMCC's survey indicates increased housing inventory and price cuts, which is a positive sign for prospective buyers.