Mortgage Rates Show Little Movement
Rhea-AI Summary
Freddie Mac's Primary Mortgage Market Survey® (PMMS®) shows little movement in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.78%, up slightly from 6.77% last week. The 15-year FRM averaged 6.07%, up from 6.05% last week. Despite rates decreasing nearly half a percent from their peak earlier this year, buyers continue to pause, as reflected in declining new and existing home sales data.
Compared to a year ago, the 30-year FRM is slightly lower (6.81% in 2023), while the 15-year FRM is also lower (6.11% in 2023). The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down payment and excellent credit.
AI-generated analysis. Not financial advice.
Positive
- Mortgage rates have decreased nearly half a percent from their peak earlier this year
- 30-year FRM rate (6.78%) is slightly lower compared to a year ago (6.81%)
- 15-year FRM rate (6.07%) is lower compared to a year ago (6.11%)
Negative
- Buyers continue to pause despite lower rates
- New and existing home sales data are tumbling
- 30-year FRM rate increased slightly from 6.77% to 6.78% week-over-week
- 15-year FRM rate increased from 6.05% to 6.07% week-over-week
News Market Reaction – FMCC
On the day this news was published, FMCC declined 3.05%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MCLEAN, Va., July 25, 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 6.78 percent.
“Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data.”
News Facts
- The 30-year FRM averaged 6.78 percent as of July 25, 2024, up slightly from last week when it averaged 6.77 percent. A year ago at this time, the 30-year FRM averaged 6.81 percent.
- The 15-year FRM averaged 6.07 percent, up from last week when it averaged 6.05 percent. A year ago at this time, the 15-year FRM averaged 6.11 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/2ebcb744-d471-4034-9fd3-44e15355c71f
