MCLEAN, Va., July 18, 2024 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) has announced the latest findings from its Primary Mortgage Market Survey® (PMMS®), indicating that the average 30-year fixed-rate mortgage (FRM) now stands at 6.77 percent.
“The 30-year fixed-rate mortgage has reached its lowest point since mid-March, decreasing by 12 basis points from last week,” stated Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are trending positively, and the economy shows resilience, which are encouraging signs for the housing market. However, homebuyers have yet to react to the lower rates, with purchase application demand remaining about 5 percent below what we saw in the Spring when rates were similar. This is a common occurrence as buyers often wait to see if rates will fall further before making a purchase.”
Key Highlights
- As of July 18, 2024, the average 30-year FRM is 6.77 percent, down from 6.89 percent last week. At this time last year, it was 6.78 percent.
- The average 15-year FRM is 6.05 percent, a decrease from last week’s 6.17 percent. A year ago, it averaged 6.06 percent.
For more information, read the original press release from: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-continue-fall