Mortgage Rates Continue to Increase

By klrw460 April 25, 2024

MCLEAN, Va., April 25, 2024 – Freddie Mac (OTCQB: FMCC) today announced the findings from its latest Primary Mortgage Market Survey® (PMMS®), which revealed that the average rate for a 30-year fixed-rate mortgage (FRM) has reached 7.17 percent.

“Rates for mortgages have risen again this week,” noted Sam Khater, Chief Economist at Freddie Mac. “Even though the rates have increased by over half a percent since the start of the year, the demand for purchases remains consistent. The sustained high rates are prompting adjustments among homebuyers, as demonstrated by the significant rise in sales of new homes this week, the largest since December 2022.”

  • Key Highlights
    As of April 25, 2024, the average 30-year FRM was 7.17 percent, up slightly from the previous week’s average of 7.10 percent. This time last year, the average was 6.43 percent.
  • The 15-year FRM now averages 6.44 percent, rising from 6.39 percent last week. This compares to 5.71 percent a year ago.
  • The PMMS® primarily tracks conventional, conforming home purchase loans intended for homebuyers with excellent credit who make a 20 percent down payment and opt for a fully amortizing loan.

For more information, read the original press release from: