Heading into the Holidays, Mortgage Rates Increase

Rhea-AI Summary

Freddie Mac (FMCC) reported an increase in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.72%, up from 6.60% last week and slightly higher than 6.67% a year ago. The 15-year FRM rose to 5.92% from 5.84% last week, compared to 5.95% a year ago.

According to Chief Economist Sam Khater, mortgage rates have fluctuated between 6% and 7% over the past 12 months. Despite higher rates, homebuyers are gradually adapting and showing increased purchase activity.

Positive

• Increasing homebuyer adaptation to higher rates leading to additional purchase activity
• Mortgage rates remain stable within 6-7% range over past 12 months

Negative

• 30-year FRM increased by 12 basis points week-over-week to 6.72%
• 15-year FRM increased by 8 basis points week-over-week to 5.92%

MCLEAN, Va., Dec. 19, 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 6.72 percent.

“This week, mortgage rates crept up to a similar average as this time in 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.”

News Facts

• The 30-year FRM averaged 6.72 percent as of December 19, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.
• The 15-year FRM averaged 5.92 percent, up from last week when it averaged 5.84 percent. A year ago at this time, the 15-year FRM averaged 5.95 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:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7eaa0ecf-3740-4672-9865-fd8facee95b5

FAQ

What is the current 30-year fixed-rate mortgage rate for FMCC as of December 19, 2024?

The 30-year fixed-rate mortgage averaged 6.72% as of December 19, 2024, up from 6.60% the previous week.

How much did FMCC's 15-year fixed-rate mortgage rate increase in December 2024?

The 15-year fixed-rate mortgage increased to 5.92% from 5.84% the previous week.

What is the year-over-year comparison for FMCC's 30-year mortgage rates in December 2024?

The 30-year FRM rate of 6.72% is slightly higher than the rate of 6.67% from a year ago.

What has been the range of FMCC's mortgage rates over the past 12 months?

According to Freddie Mac's Chief Economist, mortgage rates have moved between 6 and 7 percent over the last 12 months.