The 30-Year Fixed-Rate Mortgage Inches Down

Rhea-AI Summary

Freddie Mac's latest Primary Mortgage Market Survey® shows the 30-year fixed-rate mortgage averaged 6.81%, down from 6.84% last week and lower than the 7.22% recorded a year ago. The 15-year fixed-rate mortgage increased to 6.10% from last week's 6.02%, though still below last year's 6.56%. Chief Economist Sam Khater notes that rates have remained relatively flat as markets await economic policy clarity. The housing market currently faces low demand and sales activity, with inventory remaining significantly undersupplied despite modest improvements.

Positive

• 30-year fixed-rate mortgage decreased to 6.81% from 6.84% week-over-week
• 30-year fixed-rate mortgage significantly lower than previous year's 7.22%
• 15-year fixed-rate mortgage lower than previous year's 6.56%

Negative

• 15-year fixed-rate mortgage increased to 6.10% from 6.02% week-over-week
• Low housing market demand and sales activity
• Persistent undersupply of housing inventory

MCLEAN, Va., Nov. 27, 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 6.81 percent. This week’s results include an adjustment for the observance of Thanksgiving.

“The 30-year fixed-rate mortgage moved down this week, but not by much,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”

News Facts

• The 30-year FRM averaged 6.81 percent as of November 27, 2024, down from last week when it averaged 6.84 percent. A year ago at this time, the 30-year FRM averaged 7.22 percent.
• The 15-year FRM averaged 6.10 percent, up from last week when it averaged 6.02 percent. A year ago at this time, the 15-year FRM averaged 6.56 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/8ca79b6b-da7a-4e9f-895e-6c60439143cf

FAQ

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

As of November 27, 2024, Freddie Mac's 30-year fixed-rate mortgage averaged 6.81%, down from 6.84% the previous week.

How does Freddie Mac's (FMCC) current 30-year mortgage rate compare to last year?

The current 30-year fixed-rate mortgage of 6.81% is lower than the rate of 7.22% recorded a year ago.

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

As of November 27, 2024, the 15-year fixed-rate mortgage averaged 6.10%, up from 6.02% the previous week.

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

According to Freddie Mac, housing inventory remains dramatically undersupplied despite modest improvements.