Mortgage Rates Tick Up

Rhea-AI Summary

Freddie Mac's latest Primary Mortgage Market Survey shows mortgage rates increased, with the 30-year fixed-rate mortgage averaging 6.84%, up from 6.78% last week but down from 7.29% a year ago. The 15-year fixed-rate mortgage rose to 6.02% from 5.99% last week, compared to 6.67% a year ago. Chief Economist Sam Khater notes that purchase demand remains weak as rates approach 7%, while for-sale inventory shows modest increases. New construction has softened due to the elevated interest rate environment.

Positive

• 30-year FRM rates (6.84%) are lower compared to last year (7.29%)
• 15-year FRM rates (6.02%) show significant decrease from last year (6.67%)
• For-sale inventory is increasing modestly

Negative

• 30-year FRM increased week-over-week from 6.78% to 6.84%
• 15-year FRM rose week-over-week from 5.99% to 6.02%
• Purchase demand remains weak
• New construction activity has softened

MCLEAN, Va., Nov. 21, 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 6.84 percent.

“Mortgage rates ticked back up this week, continuing to approach 7 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.”

News Facts

• The 30-year FRM averaged 6.84 percent as of November 21, 2024, up from last week when it averaged 6.78 percent. A year ago at this time, the 30-year FRM averaged 7.29 percent.
• The 15-year FRM averaged 6.02 percent, up from last week when it averaged 5.99 percent. A year ago at this time, the 15-year FRM averaged 6.67 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 | 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/52abcd14-5c3a-4cfe-9eba-150124cdf4d8

FAQ

What is the current 30-year fixed mortgage rate for Freddie Mac (FMCC)?

As of November 21, 2024, Freddie Mac's PMMS shows the 30-year fixed-rate mortgage averaged 6.84%.

How much did Freddie Mac's (FMCC) 15-year mortgage rates change this week?

The 15-year fixed-rate mortgage increased to 6.02% from 5.99% the previous week.

How do current Freddie Mac (FMCC) mortgage rates compare to last year?

Current rates are lower than a year ago, with 30-year FRM at 6.84% compared to 7.29%, and 15-year FRM at 6.02% compared to 6.67%.

What is the current state of housing demand according to Freddie Mac (FMCC)?

According to Freddie Mac, purchase demand remains in the doldrums, with new construction softening due to elevated interest rates.