Mortgage Rates Tick Down

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey (PMMS) reveals that the 30-year fixed-rate mortgage averaged 6.63 percent, down from 6.69 percent last week, with a year-on-year increase from 6.09 percent. The 15-year FRM also decreased from 5.96 percent to 5.94 percent, compared to 5.14 percent a year ago. The stable mortgage rates, along with favorable economic conditions, job growth, and household formation, are expected to support a robust housing market in the coming months.

MCLEAN, Va., Feb. 01, 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 6.63 percent.

“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” said Sam Khater, Freddie Mac’s Chief Economist.

Khater elaborated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”

News Facts

• The 30-year FRM averaged 6.63 percent as of February 1, 2024, down from last week when it averaged 6.69 percent. A year ago at this time, the 30-year FRM averaged 6.09 percent.
• The 15-year FRM averaged 5.94 percent, down from last week when it averaged 5.96 percent. A year ago at this time, the 15-year FRM averaged 5.14 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/9ebbc274-8b15-4b40-b499-942754df79dd

FAQ

What is the average 30-year fixed-rate mortgage according to Freddie Mac's PMMS?

The 30-year fixed-rate mortgage averaged 6.63 percent, down from 6.69 percent last week, with a year-on-year increase from 6.09 percent.

What is the average 15-year fixed-rate mortgage according to Freddie Mac's PMMS?

The 15-year FRM decreased from 5.96 percent to 5.94 percent, compared to 5.14 percent a year ago.

What factors are expected to support a robust housing market according to Freddie Mac's Chief Economist?

Stable mortgage rates, favorable economic conditions, job growth, and household formation are expected to support a robust housing market in the coming months.