The 30-Year Fixed-Rate Mortgage Continues to Trend Down

Rhea-AI Summary

On December 22, 2022, Freddie Mac (OTCQB: FMCC) reported that the average rate for a 30-year fixed-rate mortgage fell to 6.27%, down from 6.31% the previous week. This marks a significant increase from 3.05% a year ago. Conversely, the average rate for a 15-year fixed-rate mortgage rose to 5.69%, up from 5.54% last week and 2.30% a year ago. Freddie Mac's Chief Economist, Sam Khater, noted that while lower mortgage rates may benefit homebuyers, many current homeowners are reluctant to sell, with over two-thirds holding fixed rates below 4%.

Positive

• 30-year fixed-rate mortgage decreased to 6.27%, facilitating potential homebuyer interest.
• Overall mortgage rates have declined significantly over the past six weeks.

Negative

• Homeowners remain hesitant to list their properties, impacting housing market activity.
• Over two-thirds of homeowners have fixed mortgage rates below 4%, reducing their incentive to sell.

MCLEAN, Va., Dec. 22, 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 6.27 percent.

“Heading into the holidays, mortgage rates continued to move down,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers, but new data indicates homeowners are hesitant to list their homes. Many of those homeowners are carefully weighing their options as more than two-thirds of current homeowners have a fixed mortgage rate of below four percent.”

News Facts

• 30-year fixed-rate mortgage averaged 6.27 percent as of December 22, 2022, down from last week when it averaged 6.31 percent. A year ago at this time, the 30-year FRM averaged 3.05 percent.
• 15-year fixed-rate mortgage averaged 5.69 percent, up from last week when it averaged 5.54 percent. A year ago at this time, the 15-year FRM averaged 2.30 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 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/e0410ee9-0d0c-4aa6-98a8-25052c09ca03

FAQ

What is the average 30-year fixed-rate mortgage rate reported by Freddie Mac on December 22, 2022?

The average 30-year fixed-rate mortgage rate is 6.27%.

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

It increased from 3.05% a year ago.

What was the average 15-year fixed-rate mortgage rate on December 22, 2022?

The average 15-year fixed-rate mortgage rate was 5.69%.

Why are homeowners hesitant to list their properties according to Freddie Mac's report?

Many homeowners have fixed mortgage rates below 4%, which affects their selling decisions.