Mortgage Rates Continue to Decrease

By klrw460 March 14, 2024

On March 14, 2024, Freddie Mac announced the latest findings from its Primary Mortgage Market Survey® (PMMS®), revealing a decrease in the 30-year fixed-rate mortgage (FRM) to an average of 6.74 percent. According to Freddie Mac’s Chief Economist, Sam Khater, the 30-year FRM experienced a notable reduction, declining by nearly a quarter of a percent within a two-week span. Despite this recent decrease, mortgage rates continue to be elevated, grappling with ongoing inflationary pressures. Khater suggested that the prevailing economic conditions might result in sustained higher mortgage rates.

The report detailed that as of March 14, 2024, the average rate for a 30-year FRM had fallen from the previous week’s average of 6.88 percent, contrasting with the 6.60 percent average a year prior. Additionally, the 15-year FRM also saw a decline, averaging 6.16 percent, down from 6.22 percent the previous week and compared to 5.90 percent a year earlier.

Freddie Mac emphasized its commitment to fostering liquidity, stability, affordability, and equity in the housing market across different economic cycles. Since its inception in 1970, Freddie Mac has supported tens of millions of families in purchasing, renting, or maintaining their homes. The announcement also included contact information for media inquiries, directed to Angela Waugaman at Freddie Mac.

For the full details and insights, please refer to the original press release at the following link: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-continue-decrease-4