Heading into the New Year, Mortgage Rates Remain on a Downward Trend

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage at 6.61%, down from 6.67% last week. The 15-year FRM averaged 5.93%, down from 5.95% last week. The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down and excellent credit.

Positive

• Stabilization of mortgage rates after rapid descent
• Solid growth, tight labor market, and decelerating inflation in the economy
• Nascent rebound in the housing market

Negative

• High mortgage rates at 6.61%
• Potential impact on home affordability for borrowers

MCLEAN, Va., Dec. 28, 2023 (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 6.61 percent.

“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.”

News Facts

• The 30-year FRM averaged 6.61 percent as of December 28, 2023, down from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent.
• The 15-year FRM averaged 5.93 percent, down from last week when it averaged 5.95 percent. A year ago at this time, the 15-year FRM averaged 5.68 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 | Twitter | 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/019222a2-e375-4e27-8f9a-e995cabee332

FAQ

What are the current 30-year fixed-rate mortgage and 15-year fixed-rate mortgage averages for Freddie Mac (FMCC)?

The 30-year FRM averaged 6.61%, and the 15-year FRM averaged 5.93%.

What does the Primary Mortgage Market Survey® (PMMS®) focus on?

The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down and excellent credit.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families across the nation by promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.

How can I contact Freddie Mac for more information?

You can contact Freddie Mac through their website, social media, or media contact Angela Waugaman at (703) 714-0644 or Angela_Waugaman@FreddieMac.com.