Mortgage Rates Continue to Decrease

Rhea-AI Summary

Freddie Mac reported a decrease in mortgage rates, with the 30-year fixed-rate mortgage averaging 6.69%, down from 6.81% last week and 7.03% a year ago. The 15-year fixed-rate mortgage averaged 5.96%, decreasing from 6.10% last week and 6.29% from the previous year.

Chief Economist Sam Khater noted that despite a modest rate drop, consumer response has been positive with noticeable improvements in purchase demand, though affordability challenges persist. The survey focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit.

Positive

• Mortgage rates decreased to lowest level in over a month
• 30-year FRM decreased to 6.69% from 6.81% week-over-week
• 15-year FRM decreased to 5.96% from 6.10% week-over-week
• Purchase demand has improved following rate decrease

Negative

• Affordability headwinds continue to affect homebuyers

MCLEAN, Va., Dec. 05, 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 6.69 percent.

“This week, mortgage rates decreased to their lowest level in over a month,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.”

News Facts

• The 30-year FRM averaged 6.69 percent as of December 5, 2024, down from last week when it averaged 6.81 percent. A year ago at this time, the 30-year FRM averaged 7.03 percent.
• The 15-year FRM averaged 5.96 percent, down from last week when it averaged 6.10 percent. A year ago at this time, the 15-year FRM averaged 6.29 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/d7888b8e-f89e-406f-bb64-4a40d281d097

FAQ

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

As of December 5, 2024, Freddie Mac's PMMS shows the 30-year fixed-rate mortgage averaged 6.69%, down from 6.81% the previous week.

How much did Freddie Mac's (FMCC) 15-year mortgage rates decrease?

The 15-year fixed-rate mortgage decreased to 5.96% from 6.10% the previous week, showing a 0.14% reduction.

How do current Freddie Mac (FMCC) mortgage rates compare to last year?

Current rates are lower than a year ago, with the 30-year FRM at 6.69% compared to 7.03%, and the 15-year FRM at 5.96% compared to 6.29%.