Mortgage Rates Show Little Movement

Rhea-AI Summary

Freddie Mac released the results of its Primary Mortgage Market Survey showing that the 30-year fixed-rate mortgage averaged 6.64 percent. The economy and labor market remain strong with wage growth outpacing inflation, keeping consumer spending robust. However, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates, and low supply of homes on the market.

MCLEAN, Va., Feb. 08, 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 6.64 percent.

“Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.”

News Facts

• The 30-year FRM averaged 6.64 percent as of February 8, 2024, up slightly from last week when it averaged 6.63 percent. A year ago at this time, the 30-year FRM averaged 6.12 percent.
• The 15-year FRM averaged 5.90 percent, down from last week when it averaged 5.94 percent. A year ago at this time, the 15-year FRM averaged 5.25 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/8d66c36e-9e0b-4ac6-9e45-c2b8e85fdd1a

What was the average 30-year fixed-rate mortgage (FRM) according to Freddie Mac's Primary Mortgage Market Survey (PMMS)?

The 30-year FRM averaged 6.64 percent as of February 8, 2024.

What was the average 15-year fixed-rate mortgage (FRM) according to Freddie Mac's Primary Mortgage Market Survey (PMMS)?

The 15-year FRM averaged 5.90 percent as of February 8, 2024.

What is Freddie Mac's mission?

Freddie Mac's mission is to make home possible for families across the nation, promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.

How long has Freddie Mac been in operation?

Since 1970, Freddie Mac has been helping tens of millions of families buy, rent, or keep their homes.