Mortgage Rates Continue Their Fall Below Seven Percent

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage at 6.67%, down from 6.95% last week, bringing potential home buyers back into the market.

MCLEAN, Va., Dec. 21, 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 6.67 percent.

“The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in home builder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”

News Facts

• The 30-year FRM averaged 6.67 percent as of December 21, 2023, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.27 percent.
• The 15-year FRM averaged 5.95 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 5.69 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:
Mollie Laniado
(571)382-1784
Mollie_Laniado@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/758bf94f-9f5e-41c6-afe6-5c13064a112a

FAQ

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

The 30-year fixed-rate mortgage reported by Freddie Mac (FMCC) is at 6.67 percent, down from 6.95 percent last week.

What is the mission of Freddie Mac (FMCC)?

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 has the 15-year fixed-rate mortgage changed compared to last week according to Freddie Mac (FMCC)?

The 15-year fixed-rate mortgage reported by Freddie Mac (FMCC) is at 5.95 percent, down from 6.38 percent last week.

What type of home purchase loans does the PMMS® focus on according to Freddie Mac (FMCC)?

The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

How does Freddie Mac (FMCC) aim to help families across the nation?

Freddie Mac (FMCC) aims to help families across the nation by promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.