Nearing Seven Percent, Mortgage Rates Continue to Decrease

Rhea-AI Summary

Freddie Mac (FMCC) reports 30-year fixed-rate mortgage (FRM) averaged 7.03 percent, down from 7.22 percent last week and up from 6.33 percent a year ago. The 15-year FRM averaged 6.29 percent, down from 6.56 percent last week and up from 5.67 percent a year ago. Freddie Mac aims to make home ownership possible for families, promoting liquidity, stability, affordability, and equity in the housing market since 1970.

MCLEAN, Va., Dec. 07, 2023 (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 7.03 percent.

“The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago,” said Sam Khater, Freddie Mac’s Chief Economist. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”

News Facts

• The 30-year FRM averaged 7.03 percent as of December 7, 2023, down from last week when it averaged 7.22 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent.
• The 15-year FRM averaged 6.29 percent, down from last week when it averaged 6.56 percent. A year ago at this time, the 15-year FRM averaged 5.67 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 | 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/9afe47c2-ae47-4251-bee5-77d5390bebac

FAQ

What is the average 30-year fixed-rate mortgage (FRM) reported by Freddie Mac (FMCC)?

Freddie Mac reports the 30-year FRM averaged 7.03 percent.

How does this week's 30-year FRM compare to last week's?

This week's 30-year FRM averaged 7.03 percent, down from 7.22 percent last week.

What is Freddie Mac's mission?

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

How long has Freddie Mac been promoting home ownership?

Freddie Mac has been promoting home ownership since 1970.