©Reuters.
MCLEAN, Va. – Mortgage rates fell slightly, according to Freddie Mac's latest Primary Mortgage Market Survey (PMMS) released Thursday. The average interest rate on a 30-year fixed rate mortgage (FRM) was 6.74%, down from the previous week's average of 6.88%. This downward trend follows a cumulative decline of nearly a quarter percent over the past two weeks.
The 15-year FRM also decreased to an average of 6.16% compared to the previous week's 6.22%. Despite these recent declines, interest rates remain elevated compared to the same period last year, when 30-year and 15-year FRMs averaged 6.60% and 5.90%, respectively.
Freddie Mac Chief Economist Sam Cater said that although some declines have been observed, the overall picture remains that mortgage rates remain high due to continued inflationary pressures. He suggested that current economic conditions could lead to continued interest rate increases.
PMMS reflects the average mortgage rate for a conventional home purchase loan made with a 20% down payment by a borrower with good credit. A government-backed corporation, Freddie Mac has been a cornerstone of the housing finance system since 1970, promoting liquidity, stability, affordability, and equity in the housing market.
The results of this study are based on Freddie Mac press releases and do not necessarily predict future market trends or provide an analysis of housing market trends. Investors and consumers are encouraged to consider current mortgage rates in the broader context of the housing market and economy.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
