Mortgage Rates Dip Down

Rhea-AI Summary

Freddie Mac reports a decrease in 30-year fixed-rate mortgage to 6.88%, prompting a rise in applications after six weeks. Chief Economist highlights the impact of interest rates on purchase demand.

MCLEAN, Va. , March 07, 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 6.88 percent.

“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”

News Facts

• The 30-year FRM averaged 6.88 percent as of March 7, 2024, down from last week when it averaged 6.94 percent. A year ago at this time, the 30-year FRM averaged 6.73 percent.
• The 15-year FRM averaged 6.22 percent, down from last week when it averaged 6.26 percent. A year ago at this time, the 15-year FRM averaged 5.95 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/c69f83c3-a969-4da0-a39e-8b1baae9c006

What is the current 30-year fixed-rate mortgage average according to Freddie Mac?

As of March 7, 2024, the 30-year fixed-rate mortgage averaged 6.88 percent.

How does the current 30-year fixed-rate mortgage average compare to the previous week?

The current average of 6.88 percent is down from last week's average of 6.94 percent.

What is the average for the 15-year fixed-rate mortgage according to Freddie Mac?

The 15-year fixed-rate mortgage averaged 6.22 percent as of the latest report.

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

The current average of 6.22 percent is lower than last week's average of 6.26 percent.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families by promoting liquidity, stability, affordability, and equity in the housing market.