Mortgage Rates Continue to Rise
Freddie Mac (FMCC) reported an increase in mortgage rates for the second consecutive week.
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Rhea-AI Summary
Freddie Mac (FMCC) reported an increase in mortgage rates for the second consecutive week. The 30-year fixed-rate mortgage averaged 6.85%, up from 6.72% last week and higher than the 6.61% recorded a year ago. The 15-year fixed-rate mortgage rose to 6.0% from 5.92% last week, compared to 5.93% a year ago.
Chief Economist Sam Khater noted a slight improvement in new and existing home sales but highlighted persistent market challenges due to housing undersupply. Despite these challenges, a strong economy could potentially boost purchase activity in the new year.
Positive
- Slight improvement reported in new and existing home sales
- Strong economic conditions could boost purchase activity
Negative
- 30-year FRM increased to 6.85% from 6.72% week-over-week
- 15-year FRM rose to 6.0% from 5.92% week-over-week
- Mortgage rates higher than year-ago levels
- Market faces persistent undersupply of homes
Details
News Market Reaction – FMCC
The recorded move for FMCC in the trading session of this news was -2.33%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
MCLEAN, Va., Dec. 26, 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 6.85 percent.
“Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month,” said Sam Khater, Freddie Mac’s Chief Economist. “While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.”
News Facts
- The 30-year FRM averaged 6.85 percent as of December 26, 2024, up from last week when it averaged 6.72 percent. A year ago at this time, the 30-year FRM averaged 6.61 percent.
- The 15-year FRM averaged 6.0 percent, up from last week when it averaged 5.92 percent. A year ago at this time, the 15-year FRM averaged 5.93 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:
Mollie Laniado
(571)382-1784
Mollie_Laniado@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0912513b-02a3-4155-963f-3ad39df6e78c
FAQ
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