Following Elections Results and a Fed Rate Cut, Mortgage Rates Stall

Rhea-AI Summary

Freddie Mac's latest Primary Mortgage Market Survey® shows mortgage rates have stabilized, with the 30-year fixed-rate mortgage averaging 6.78%, slightly down from 6.79% last week and significantly lower than 7.44% a year ago. The 15-year fixed-rate mortgage averaged 5.99%, decreasing from 6.0% last week and 6.76% year-over-year. Chief Economist Sam Khater notes that despite the rate stabilization, affordability remains a challenge for potential homebuyers, with mortgage payments being notably higher compared to rents relative to historical trends over the past three decades.

Positive

• 30-year FRM rates decreased from 7.44% to 6.78% year-over-year
• 15-year FRM rates dropped from 6.76% to 5.99% year-over-year
• Mortgage rates showed signs of stabilization after six weeks of increases

Negative

• Mortgage payments are elevated compared to rents, affecting housing affordability
• Overall affordability continues to be a significant barrier for potential homebuyers

MCLEAN, Va., Nov. 14, 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 6.78 percent.

“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades." 

News Facts

• The 30-year FRM averaged 6.78 percent as of November 14, 2024, down from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 7.44 percent.
• The 15-year FRM averaged 5.99 percent, down from last week when it averaged 6.0 percent. A year ago at this time, the 15-year FRM averaged 6.76 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 | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Mollie Laniado
(571) 382-1784
Mollie_Laniado@FreddieMac.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/340427e2-2779-4bd3-8134-70c540d86beb

FAQ

What is the current 30-year fixed mortgage rate for Freddie Mac (FMCC)?

As of November 14, 2024, Freddie Mac's PMMS shows the 30-year fixed-rate mortgage averaged 6.78%, down from 6.79% the previous week.

How much have Freddie Mac (FMCC) mortgage rates changed year-over-year?

The 30-year fixed-rate mortgage decreased from 7.44% to 6.78% year-over-year, while the 15-year fixed-rate mortgage dropped from 6.76% to 5.99%.

What is the current affordability situation according to Freddie Mac (FMCC)?

According to Freddie Mac's research, mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades, indicating ongoing affordability challenges.