On March 28, 2024, Freddie Mac announced a slight decrease in the 30-year fixed-rate mortgage (FRM) average, reporting a reduction to 6.79 percent, according to the results from its Primary Mortgage Market Survey® (PMMS®). This change was noted as providing potential homebuyers with somewhat more budgetary flexibility. The announcement, made by Freddie Mac’s Chief Economist, Sam Khater, also highlighted encouraging trends in existing home sales, pointing to an improvement in inventory. However, despite the slight decrease, mortgage rates are described as remaining high, hovering near seven percent, as the market continues to look for signs of cooling inflation with the hope of further rate reductions.
In detail, the report specified that as of March 28, 2024, the 30-year FRM averaged down from the previous week’s average of 6.87 percent, marking a decrease from the same period a year prior, which recorded an average of 6.32 percent. The survey also revealed a decrease in the 15-year FRM average, which fell to 6.11 percent from the previous week’s 6.21 percent, compared to 5.56 percent a year earlier.
The PMMS® emphasizes its focus on conventional, conforming, fully amortizing home purchase loans for borrowers who are able to put down 20 percent and possess excellent credit. Freddie Mac’s mission, as stated, revolves around facilitating home ownership for families nationwide, promoting liquidity, stability, affordability, and equity in the housing market through various economic cycles. Since its inception in 1970, Freddie Mac has supported tens of millions of families in their efforts to buy, rent, or maintain 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-drop-slightly-0