Mortgage Rates Continue to Drop

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.76%, down from 6.85% last week and 6.94% a year ago. The 15-year FRM also decreased to 5.94% from 6.04% last week, compared to 6.26% a year ago.

According to Sam Khater, Freddie Mac's Chief Economist, this represents the lowest mortgage rates in over two months. The combination of lower rates and slightly improving inventory presents a favorable environment for potential homebuyers.

Positive

• Mortgage rates at lowest level in over 2 months
• 30-year FRM decreased to 6.76% from 6.85% week-over-week
• 15-year FRM decreased to 5.94% from 6.04% week-over-week
• Year-over-year improvement in both 30-year and 15-year FRM rates

Negative

• Mortgage rates still remain relatively high above 6%

MCLEAN, Va., Feb. 27, 2025 (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 6.76%.

“This week, mortgage rates decreased to their lowest level in over two months,” said Sam Khater, Freddie Mac’s Chief Economist. “The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home.”

News Facts

• The 30-year FRM averaged 6.76% as of February 27, 2025, down from last week when it averaged 6.85%. A year ago at this time, the 30-year FRM averaged 6.94%.
• The 15-year FRM averaged 5.94%, down from last week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 6.26%.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% 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 and affordability 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/36b4dbad-d23e-4af6-88f7-027edfbb4ac1

FAQ

What are the current 30-year fixed mortgage rates for Freddie Mac (FMCC)?

As of February 27, 2025, Freddie Mac's 30-year fixed-rate mortgage (FRM) averaged 6.76%, down from 6.85% the previous week.

How much have FMCC mortgage rates decreased compared to last year?

Freddie Mac's 30-year FRM rates are down from 6.94% a year ago to 6.76%, while 15-year FRM rates decreased from 6.26% to 5.94%.

What is the current 15-year fixed mortgage rate for Freddie Mac?

The 15-year fixed-rate mortgage averaged 5.94%, showing a decrease from 6.04% the previous week.

How will the recent FMCC mortgage rate decrease affect homebuyers?

The lower mortgage rates, combined with improving inventory, create more favorable conditions for potential homebuyers in the market.