Rates Increase Again and at a Key Moment for the Housing Market

By klrw460 May 2, 2024

MCLEAN, Va., May 02, 2024 – Freddie Mac (OTCQB: FMCC) today announced the latest figures from its Primary Mortgage Market Survey® (PMMS®), revealing that the average rate for a 30-year fixed-rate mortgage (FRM) has reached 7.22 percent.

Sam Khater, Chief Economist at Freddie Mac, noted, “The rate for the 30-year fixed-rate mortgage has risen for the fifth week in a row as we are in the midst of the Spring Homebuying Season. Typically, over a third of annual home sales happen from March to June. With two months still to go in this peak period, it’s unlikely that potential homebuyers will experience any decrease in rates soon. Nonetheless, the latest data on pending home sales, which are at their highest in a year, show that buyers are adjusting to these higher rates.”

Key Details:

  • As of May 2, 2024, the average rate for the 30-year FRM was 7.22 percent, an increase from the previous week’s average of 7.17 percent. This time last year, the rate was 6.39 percent.
  • The 15-year FRM now stands at an average of 6.47 percent, slightly up from last week’s 6.44 percent. A year ago, it averaged 5.76 percent.
  • The PMMS® tracks rates on conventional, conforming home purchase loans for borrowers who place a 20 percent down payment and possess excellent credit. For further details, visit our Frequently Asked Questions section.

For more information, read the original press release from: https://freddiemac.gcs-web.com/news-releases/news-release-details/rates-increase-again-and-key-moment-housing-market