Mortgage Rates Remain Flat

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reports that mortgage rates remained stable, with the 30-year fixed-rate mortgage (FRM) averaging 6.76%, unchanged from the previous week and down from 7.09% a year ago. The 15-year FRM decreased to 5.89% from last week's 5.92%, compared to 6.38% a year ago.

According to Chief Economist Sam Khater, the current rate environment, which is 30 basis points lower than last year, has led to increased purchase applications, contrasting with the declining trend observed a year ago. The survey focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit.

Positive

• 30-year FRM rates are 33 basis points lower than last year (6.76% vs 7.09%)
• 15-year FRM rates decreased to 5.89% from 5.92% last week
• Purchase applications are showing continued increases
• Rates have remained stable for several weeks

Negative

• None.

MCLEAN, Va., May 08, 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%.

“Mortgage rates stayed flat this week,” said Sam Khater, Freddie Mac’s Chief Economist. “At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.”

News Facts

• The 30-year FRM averaged 6.76% as of May 8, 2025, unchanged from last week. A year ago at this time, the 30-year FRM averaged 7.09%.
• The 15-year FRM averaged 5.89%, down from last week when it averaged 5.92%. A year ago at this time, the 15-year FRM averaged 6.38%.

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/436d7c13-f518-4c4a-acfd-59e99039d950

FAQ

What is the current 30-year fixed mortgage rate for Freddie Mac (FMCC) as of May 8, 2025?

The 30-year fixed-rate mortgage (FRM) averaged 6.76% as of May 8, 2025, unchanged from the previous week.

How does Freddie Mac's current mortgage rate compare to last year?

The current 30-year FRM rate of 6.76% is 33 basis points lower than the rate of 7.09% recorded a year ago.

What is happening with Freddie Mac's 15-year mortgage rates?

The 15-year FRM averaged 5.89%, showing a slight decrease from last week's 5.92% and significantly lower than last year's 6.38%.

How are mortgage purchase applications trending according to Freddie Mac?

Purchase applications are showing continued increases, contrasting with the declining trend observed a year ago.

What type of loans does Freddie Mac's Primary Mortgage Market Survey (PMMS) focus on?

The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down payment and excellent credit.