Following Elections Results and a Fed Rate Cut, Mortgage Rates Stall
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.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
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
Details
News Market Reaction – FMCC
The recorded move for FMCC in the trading session of this news was -1.03%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.