Mortgage Rates Remain Flat, Lingering Above Seven Percent
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
MCLEAN, Va., Sept. 21, 2023 (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 7.19 percent.
“Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes,” said Sam Khater, Freddie Mac’s Chief Economist. “Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.”
News Facts
- 30-year fixed-rate mortgage averaged 7.19 percent as of September 21, 2023, up from last week when it averaged 7.18 percent. A year ago at this time, the 30-year FRM averaged 6.29 percent.
- 15-year fixed-rate mortgage averaged 6.54 percent, up from last week when it averaged 6.51 percent. A year ago at this time, the 15-year FRM averaged 5.44 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:
Mollie Laniado
(571)382-1784
Mollie_Laniado@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f6d91b0-e504-402c-9611-9ca1f78db723
