The 30-Year Fixed-Rate Moves Higher

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported the latest findings from its Primary Mortgage Market Survey on December 29, 2022. The average 30-year fixed-rate mortgage rose to 6.42%, up from 6.27% the previous week and significantly higher than 3.11% a year ago. The 15-year fixed-rate mortgage slightly decreased to 5.68% from 5.69%. Chief Economist Sam Khater indicated that the housing market shows ongoing weakness with declining sales, inventory, and prices, while forward indicators suggest continued challenges throughout winter.

Positive

• 15-year fixed-rate mortgage decreased to 5.68% from 5.69%.
• Freddie Mac continues to support mortgage capital access for lenders and homebuyers.

Negative

• 30-year fixed-rate mortgage increased to 6.42%, up from 6.27% last week.
• The housing market continues to decline with falling sales, inventory, and prices.

MCLEAN, Va., Dec. 29, 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 6.42 percent.

“The housing market remains in the doldrums with declining sales, inventory and prices,” said Sam Khater, Freddie Mac’s Chief Economist. “The declines in sales and deceleration in home prices began swiftly earlier in 2022 but have moderated more recently. While the intensity of weakness is moderating, the market continues to decline and forward leading indicators suggest housing will remain weak throughout the winter.”

News Facts

• 30-year fixed-rate mortgage averaged 6.42 percent as of December 29, 2022, up from last week when it averaged 6.27 percent. A year ago at this time, the 30-year FRM averaged 3.11 percent.
• 15-year fixed-rate mortgage averaged 5.68 percent, down from last week when it averaged 5.69 percent. A year ago at this time, the 15-year FRM averaged 2.33 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:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/192d5db0-84d2-4854-ab95-8e2c5821b3ae

 

 

FAQ

What is the current average for the 30-year fixed-rate mortgage from Freddie Mac?

As of December 29, 2022, the 30-year fixed-rate mortgage averaged 6.42%.

How does the current mortgage rate compare to last year?

The 30-year fixed-rate mortgage was 3.11% a year ago.

What are the trends in the housing market according to Freddie Mac?

Freddie Mac reports ongoing declines in housing sales, inventory, and prices.

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

The 15-year fixed-rate mortgage averaged 5.68% as of December 29, 2022.

What does Freddie Mac indicate about the housing market's future?

Freddie Mac suggests housing market weakness will persist throughout the winter.