Mortgage Rates Decrease to Lowest Level Since May of 2023

Rhea-AI Summary

Freddie Mac reports a decrease in mortgage rates, with the 30-year fixed-rate mortgage dropping to 6.60 percent, the lowest level since May 2023. This is encouraging for first-time homebuyers but could put pressure on the already depleted housing inventory.

MCLEAN, Va., Jan. 18, 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.

“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”

News Facts

• The 30-year FRM averaged 6.60 percent as of January 18, 2024, down from last week when it averaged 6.66 percent. A year ago at this time, the 30-year FRM averaged 6.15 percent.
• The 15-year FRM averaged 5.76 percent, down from last week when it averaged 5.87 percent. A year ago at this time, the 15-year FRM averaged 5.28 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:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24356016-0018-407f-bd60-cd2a4f0d1a4a

 

FAQ

What is the current average rate for the 30-year fixed-rate mortgage?

The 30-year FRM averaged 6.60 percent as of January 18, 2024.

How does the current rate compare to the previous week?

The current rate of 6.60 percent is down from last week's 6.66 percent.

How does the current rate compare to a year ago?

A year ago at this time, the 30-year FRM averaged 6.15 percent.

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

The 15-year FRM averaged 5.76 percent as of January 18, 2024.

How does the current 15-year rate compare to the previous week?

The current 15-year rate of 5.76 percent is down from last week's 5.87 percent.

How does the current 15-year rate compare to a year ago?

A year ago at this time, the 15-year FRM averaged 5.28 percent.

What type of loans does the PMMS focus on?

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