The 30-Year Fixed-Rate Mortgage Continues its Downward Trend

Rhea-AI Summary

On June 27, 2024, Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage (FRM) averaged 6.86%, marking the lowest rate in nearly three months. Last week, the rate was slightly higher at 6.87%, and a year ago, it was 6.71%. Despite a slight increase in the 15-year FRM to 6.16% from 6.13% last week, the rate remains higher than the 6.06% recorded a year ago. Chief Economist Sam Khater noted that the economy is strong by historical standards, and mortgage rates are expected to decrease further over the summer, potentially bringing more homebuyers into the market. The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit who put down 20%.

Positive

• The 30-year fixed-rate mortgage averaged 6.86%, the lowest in almost three months.
• Freddie Mac expects mortgage rates to continue decreasing over the summer, potentially attracting more homebuyers.

Negative

• The 15-year fixed-rate mortgage increased to 6.16% from 6.13% last week, higher than its value of 6.06% a year ago.

MCLEAN, Va., June 27, 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 6.86 percent.

“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s Chief Economist. “By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”

News Facts

• The 30-year FRM averaged 6.86 percent as of June 27, 2024, down from last week when it averaged 6.87 percent. A year ago at this time, the 30-year FRM averaged 6.71 percent.
• The 15-year FRM averaged 6.16 percent, up from last week when it averaged 6.13 percent. A year ago at this time, the 15-year FRM averaged 6.06 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/2f6b720d-4398-474f-9262-3b0557f2348a

FAQ

What is the current rate for the 30-year fixed-rate mortgage according to Freddie Mac's latest survey?

As of June 27, 2024, the 30-year fixed-rate mortgage averaged 6.86%.

How does the current 30-year FRM compare to last week's rate?

The 30-year FRM rate decreased slightly from 6.87% last week to 6.86%.

What was the 30-year fixed-rate mortgage rate a year ago?

A year ago, the 30-year fixed-rate mortgage rate averaged 6.71%.

What is the current rate for the 15-year fixed-rate mortgage?

The 15-year fixed-rate mortgage currently averages 6.16%.

How does the current 15-year FRM rate compare to last week's and last year's rates?

The 15-year FRM rate increased to 6.16% from 6.13% last week, and it was 6.06% a year ago.