Mortgage Rates Decrease

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.89%, down from 6.95% last week. This rate is higher compared to 6.64% recorded a year ago. The 15-year FRM also decreased to 6.05% from 6.12% last week, though higher than the 5.90% rate from a year ago.

According to Sam Khater, Freddie Mac's Chief Economist, mortgage rates have remained stable over the past month, with the economy showing resilience. Despite higher rates compared to last year, purchase applications for the last two weeks are modestly exceeding year-ago levels, indicating latent market demand.

Positive

• Mortgage rates decreased week-over-week (30-year FRM: 6.89% from 6.95%)
• Purchase applications showing modest increase compared to previous year
• Economy remains on firm footing according to incoming data

Negative

• Current mortgage rates remain higher than year-ago levels (30-year FRM: 6.89% vs 6.64%)
• 15-year FRM rates higher than previous year (6.05% vs 5.90%)

MCLEAN, Va., Feb. 06, 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 6.89%.

“The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing. Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market.”

News Facts

• The 30-year FRM averaged 6.89% as of February 6, 2025, down from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.64%.
• The 15-year FRM averaged 6.05%, down from last week when it averaged 6.12%. A year ago at this time, the 15-year FRM averaged 5.90%.

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, 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/c4d6e508-93b2-4fc3-8373-6fa4cc8dfdd8

FAQ

What is FMCC's current 30-year fixed mortgage rate as of February 2025?

Freddie Mac's 30-year fixed-rate mortgage averaged 6.89% as of February 6, 2025.

How much did FMCC's 15-year fixed mortgage rate decrease in February 2025?

The 15-year fixed-rate mortgage decreased to 6.05% from 6.12% the previous week.

How do FMCC's current mortgage rates compare to February 2024?

Current rates are higher year-over-year, with 30-year FRM at 6.89% compared to 6.64% a year ago, and 15-year FRM at 6.05% compared to 5.90%.

What is the current trend in mortgage purchase applications for FMCC?

Purchase applications for the last two weeks are modestly above the levels seen a year ago, indicating latent market demand.