Mortgage Rates Trend Down

Rhea-AI Summary

Freddie Mac (FMCC) reports that the 30-year fixed-rate mortgage averaged 7.44 percent, down from 7.5 percent last week, indicating a downward trend due to receding inflationary pressures. The 15-year fixed-rate mortgage also decreased to 6.76 percent from 6.81 percent last week. This suggests that lower mortgage rates, combined with economic strength and lower inflation, may attract more potential homebuyers into the market.

Positive

• The decrease in mortgage rates may stimulate homebuying activity, potentially boosting the housing market and related industries.

Negative

• None.

MCLEAN, Va., Nov. 16, 2023 (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 7.44 percent.

“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market."

News Facts

• 30-year fixed-rate mortgage averaged 7.44 percent as of November 16, 2023, down from last week when it averaged 7.5 percent. A year ago at this time, the 30-year FRM averaged 6.61 percent.
• 15-year fixed-rate mortgage averaged 6.76 percent, down from last week when it averaged 6.81 percent. A year ago at this time, the 15-year FRM averaged 5.98 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/719fc75b-85a9-4196-acc4-5a844b0b8c1a

FAQ

What is the average 30-year fixed-rate mortgage reported by Freddie Mac?

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 7.44 percent.

How does the current 30-year fixed-rate mortgage compare to the previous week?

The current 30-year fixed-rate mortgage of 7.44 percent is lower than the 7.5 percent reported last week.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families across the nation by promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.

How can I contact Freddie Mac for more information?

For more information, you can visit Freddie Mac's website or contact them through their social media channels such as Twitter, LinkedIn, Facebook, Instagram, and YouTube.