Freddie Mac Reports Mortgage Rates Exceed Seven Percent Mark
Freddie Mac Reports Surging Mortgage Rates
MCLEAN, Va. — Freddie Mac (OTCQB: FMCC) declared that the latest report from its Primary Mortgage Market Survey indicates a noteworthy increase in mortgage rates, particularly the 30-year fixed-rate mortgage (FRM), which has now reached 7.04 percent.
Understanding the Rising Rates
In a recent statement, Sam Khater, the Chief Economist at Freddie Mac, shared insights on the current financial climate. "Mortgage rates have increased for five straight weeks, exceeding seven percent, a first since May of the prior year. This surge can largely be attributed to a robust economy. Despite the hike in rates, our research suggests that consumers can potentially save by comparing various lender offers," Khater remarked.
Key Highlights from the Survey
The most recent data reveals several key points regarding mortgage rates:
- The 30-year FRM has averaged 7.04 percent as of the latest survey, a rise from last week's average of 6.93 percent. This time last year, the average was notably lower at 6.60 percent.
- The 15-year FRM also saw an increase, averaging 6.27 percent, compared to 6.14 percent just one week earlier. A year ago, it averaged 5.76 percent.
Implications for Homebuyers
These rates are crucial for potential homebuyers and those looking to refinance. The PMMS primarily tracks conforming, fully amortizing home loans aimed at borrowers who can afford to make a 20 percent down payment and possess excellent credit ratings. It’s essential for consumers to shop around for the best rates and terms, which could lead to substantial savings over time.
Freddie Mac's Role in the Housing Market
Freddie Mac has a vital mission in the housing sector, striving to ensure that homeownership remains within reach for families nationwide. The organization emphasizes liquidity, stability, affordability, and equity within the housing market, even amidst fluctuating economic conditions. Since its inception in 1970, Freddie Mac has facilitated home buying, renting, and retention for millions of American families.
Getting More Information
For consumers interested in understanding more about the current mortgage landscape or seeking assistance, Freddie Mac offers a wealth of resources through its website and various communication channels. Engaging with these platforms can provide valuable insights into navigating the mortgage process.
Frequently Asked Questions
What is the 30-year fixed-rate mortgage average currently?
The average for a 30-year fixed-rate mortgage is currently 7.04 percent.
How much has the mortgage rate increased compared to last year?
Compared to this time last year, the 30-year FRM has risen from 6.60 percent to 7.04 percent.
What role does Freddie Mac play in the housing market?
Freddie Mac aims to enhance liquidity, stability, affordability, and equity in the housing market, making homeownership more accessible.
How can consumers benefit from shopping around for mortgage rates?
Research indicates that consumers can potentially save money by comparing different lenders' mortgage offers before settling on one.
Who can I contact for more information about Freddie Mac's services?
You can reach out to Angela Waugaman at (703) 714-0644 for inquiries related to Freddie Mac's services.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. If any of the material offered here is inaccurate, please contact us for corrections.
