On March 7, 2024, Freddie Mac announced the results of its Primary Mortgage Market Survey® (PMMS®), revealing that the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent. Sam Khater, Freddie Mac’s Chief Economist, noted the sensitivity of purchase demand to interest rate changes, highlighted by a rise in applications for the first time in six weeks following a decrease in rates. He emphasized the significant impact of mortgage rates on potential homebuyers’ ability to enter the market and the importance of shopping around due to rate variations between lenders.
The report further detailed that the 30-year FRM had decreased to an average of 6.88 percent from the previous week’s average of 6.94 percent, compared to 6.73 percent a year ago. Additionally, the 15-year FRM averaged 6.22 percent, down from 6.26 percent the previous week and up from 5.95 percent a year prior.
The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and possess excellent credit. Freddie Mac’s mission is highlighted as facilitating home ownership for families nationwide by promoting liquidity, stability, affordability, and equity in the housing market across various economic cycles. Since 1970, Freddie Mac has assisted tens of millions of families in buying, renting, or maintaining their homes.
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-dip-down