Mortgage Rates Show Little Movement

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported minimal movement in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.95%, slightly down from 6.96% last week but up from 6.63% a year ago. The 15-year FRM decreased to 6.12% from 6.16% last week, compared to 5.94% a year ago.

Chief Economist Sam Khater noted that the 30-year fixed-rate has remained between 6% and 7% for approximately two and a half years. The current market faces significant challenges due to higher rates and persistent supply shortages, creating affordability barriers that keep many potential buyers sidelined.

Positive

• None.

Negative

• 30-year FRM rates increased 32 basis points year-over-year (6.63% to 6.95%)
• 15-year FRM rates increased 18 basis points year-over-year (5.94% to 6.12%)
• Persistent supply shortage continues to affect housing market accessibility
• High mortgage rates creating affordability barriers for potential homebuyers

MCLEAN, Va., Jan. 30, 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 6.95%.

"The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%,” said Sam Khater, Freddie Mac’s Chief Economist. "Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”

News Facts

• The 30-year FRM averaged 6.95% as of January 30, 2025, down slightly from last week when it averaged 6.96%. A year ago at this time, the 30-year FRM averaged 6.63%.
• The 15-year FRM averaged 6.12%, down from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.94%.

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/a586aae2-87b1-4f00-ade8-8af9611c9f17

 

FAQ

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

The 30-year fixed-rate mortgage averaged 6.95% as of January 30, 2025, slightly down from 6.96% the previous week.

How has FMCC's 30-year mortgage rate changed compared to last year?

The 30-year fixed-rate mortgage increased from 6.63% a year ago to 6.95%, showing a rise of 32 basis points year-over-year.

What is Freddie Mac's (FMCC) current 15-year fixed mortgage rate?

The 15-year fixed-rate mortgage averaged 6.12% as of January 30, 2025, down from 6.16% the previous week.

What are the main challenges in the housing market according to Freddie Mac (FMCC)?

According to Freddie Mac, the main challenges are higher mortgage rates and a persistent supply shortage, which create affordability hurdles keeping many potential buyers sidelined.

How long has FMCC's 30-year fixed-rate remained between 6% and 7%?

According to Freddie Mac's Chief Economist, the 30-year fixed-rate has remained between 6% and 7% for most of the last two and a half years.