Freddie Mac's 30-Year Mortgage Rate Decreases Slightly
Freddie Mac Reports on Mortgage Rates
In recent reports from Freddie Mac, there's good news for potential homebuyers. The 30-year fixed-rate mortgage (FRM) has seen a slight decline, which is a welcome change in a fluctuating market. This current value sits at an average of 6.64%, reflecting a small drop from the previous week's average of 6.65%.
Understanding the Current Mortgage Landscape
Recent data indicates that while there have been minor shifts in mortgage rates, the overall trend shows stability. This consistent performance in the mortgage market has led to an increase in purchase application demand, marking the highest growth rate we’ve seen since prior months. Sam Khater, Freddie Mac’s Chief Economist, explains that this steady trend in rates has positively influenced borrower sentiment.
Key Facts About Mortgage Rates
As of the latest survey, a comparison with rates from the previous year reveals a decrease. For example, last year a 30-year FRM averaged 6.82%. Today’s figure shows how market adjustments can provide opportunities for buyers.
Comparison with 15-Year FRM
The 15-year FRM also showed a drop, now averaging 5.82%, down from last week's average of 5.89%. Compared to last year, where it averaged 6.06%, this decrease may offer attractive options for those looking to secure a shorter financing term.
What This Means for Borrowers
The results from the Primary Mortgage Market Survey (PMMS) are essential for understanding conventional home loan dynamics. The PMMS focuses on fully amortizing home purchase loans, particularly those for borrowers putting a 20% down payment and possessing strong credit. This data serves as a benchmark for lenders and borrowers alike.
Freddie Mac's Role in the Housing Market
Freddie Mac is committed to enhancing housing affordability and stability for families across the nation. Since its inception, Freddie Mac has been a pivotal player in facilitating homeownership, helping millions secure their homes and navigate economic fluctuations. This ongoing mission supports the liquidity and reliability of the housing market.
How to Stay Informed
For those interested in keeping up with the latest changes in mortgage rates and market forecasts, Freddie Mac's platform provides an array of resources. Interested parties can find more information on their official website for additional insights into mortgage products and market trends.
Contact Information for Inquiries
For any media inquiries regarding Freddie Mac’s performance or future forecasts, individuals can reach out to Angela Waugaman. With extensive knowledge in mortgage markets, she is available to provide insights and official statements. Her contact number is (703) 772-9528, and she can be contacted via email at Angela_Waugaman@FreddieMac.com.
Frequently Asked Questions
What is the current rate for a 30-year fixed-rate mortgage?
The current average for a 30-year fixed-rate mortgage is 6.64% as per recent reports.
How does the 15-year mortgage rate compare?
The average for a 15-year fixed-rate mortgage is currently 5.82%.
What factors affect mortgage rates?
Mortgage rates can be influenced by economic conditions, borrower credit scores, and prevailing market trends.
How often does Freddie Mac update its mortgage surveys?
Freddie Mac conducts these surveys weekly to provide current mortgage market trends.
Where can I find more information on Freddie Mac?
More information can be found on Freddie Mac's official website, which includes resources for consumers and various mortgage products.
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