Current Mortgage Trends: Insights from Freddie Mac's Latest Survey
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Latest Insights on Mortgage Rates
Freddie Mac, a key player in the housing industry, has recently highlighted the current state of mortgage rates in its latest report. According to the Primary Mortgage Market Survey released recently, the popular 30-year fixed-rate mortgage (FRM) has maintained an average of 6.35 percent. This stable rate comes as the market awaits the results of the significant jobs report.
What Experts Say About the Marlet
Sam Khater, Chief Economist at Freddie Mac, shared insights regarding the flat mortgage rates this week. He noted that while rates have seen a decrease during the summer months, home sales have not surged as expected. However, there is good news for homeowners looking to refinance. Many are taking advantage of these lower rates to secure more manageable monthly payments.
Understanding Mortgage Market Trends
As of this week, the average for a 30-year FRM remains unchanged from previous weeks, providing some consistency for potential home buyers and current homeowners considering refinancing. In contrast, the 15-year FRM has seen a slight dip, averaging 5.47 percent compared to 5.51 percent last week.
Comparison with Previous Year
Reflecting on last year, the situation presents a clearer picture. The 30-year FRM was significantly higher at an average of 7.12 percent a year ago, demonstrating how current rates are more favorable for those entering the housing market now.
Freddie Mac’s Role in Housing Affordability
Freddie Mac is devoted to enhancing the home buying experience for families across the country. By facilitating liquidity and stability within the housing market, the organization plays a vital role in ensuring homes remain affordable and accessible for all, even amidst economic fluctuations.
Long-standing Commitment
Since its inception in 1970, Freddie Mac has enabled millions of families to either purchase or retain their homes. The company aims to support a diverse range of housing needs and emphasizes equity throughout different market cycles.
Frequently Asked Questions
What is the current 30-year fixed mortgage rate?
The current average for the 30-year fixed-rate mortgage is 6.35 percent.
How do current mortgage rates compare to last year?
Last year, the 30-year FRM averaged 7.12 percent, indicating a significant drop in rates this year.
What trends are impacting the housing market?
Market trends indicate stagnant home sales despite lower mortgage rates, focusing attention on the upcoming jobs report.
How does Freddie Mac support home buyers?
Freddie Mac strives to improve liquidity and stability in the housing market, making homes more affordable and accessible.
Who can provide more information about Freddie Mac's services?
For further details, you can reach out to their media contact Angela Waugaman at (703) 714-0644 or via email at Angela_Waugaman@FreddieMac.com.
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