Mortgage Rates Continue to Drop
Freddie Mac (FMCC) reports a continued decline in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.60%, down from 6.69% last week and 6.95% 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 (FMCC) reports a continued decline in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.60%, down from 6.69% last week and 6.95% a year ago. The 15-year FRM also decreased to 5.84% from 5.96% last week and 6.38% year-over-year.
Chief Economist Sam Khater notes that declining mortgage rates, strong consumer income growth, and a bullish stock market have boosted homebuyer demand. However, he cautions that housing market improvements remain due to persistent affordability challenges for homebuyers.
Positive
- Mortgage rates decreased for third consecutive week
- 30-year FRM dropped to 6.60% from 6.69% week-over-week
- 15-year FRM decreased to 5.84% from 5.96% week-over-week
- Both rates show significant year-over-year improvement
- Increased homebuyer demand reported due to favorable conditions
Negative
- Persistent affordability challenges limiting housing market improvement
- Homebuyers still facing significant affordability headwinds
Details
News Market Reaction – FMCC
The recorded move for FMCC in the trading session of this news was -0.76%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MCLEAN, Va., Dec. 12, 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 6.60 percent.
“The 30-year fixed-rate mortgage decreased for the third consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
News Facts
- The 30-year FRM averaged 6.60 percent as of December 12, 2024, down from last week when it averaged 6.69 percent. A year ago at this time, the 30-year FRM averaged 6.95 percent.
- The 15-year FRM averaged 5.84 percent, down from last week when it averaged 5.96 percent. A year ago at this time, the 15-year FRM averaged 6.38 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/5b2e0375-50ca-4718-862a-1884f902106e
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.