WASHINGTON - Freddie Mac revealed on Thursday that its Primary Mortgage Market Survey (PMMS) noted a decrease in the 30-year fixed-rate mortgage (FRM) averages for the third consecutive week, registering at 7.44 percent. This decline is associated with a recent ease in inflationary pressures, which Chief Economist Sam Khater believes could entice more potential homebuyers to enter the market, given the ongoing economic resilience.
The current average rate for a 30-year FRM is down from last week's 7.5 percent and shows a notable increase from the previous year's average of 6.61 percent. The survey primarily serves borrowers who are able to make a 20 percent down payment and possess excellent credit history, focusing on conventional, conforming, fully amortizing home loans.
In addition to the 30-year FRM, the average for the 15-year FRM has also decreased to 6.76 percent from the prior week's 6.81 percent, up from last year's average of 5.98 percent. These figures reflect changes in the borrowing landscape over time and underscore shifts in the housing market.
Freddie Mac, established in 1970, continues to emphasize its commitment to promoting liquidity, stability, affordability, and equity within the housing market—a mission that has supported tens of millions of families in achieving homeownership across the United States.
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