30-year mortgage rates dip below 7% this week

Since its inception in 1970, Freddie Mac (OTC:FMCC) has played a pivotal role in helping millions of families to buy, rent, or maintain their homes. This week's survey results provide a glimpse into the current state of mortgage rates and their impact on the housing market. The company's financial performance has been remarkable, with revenue reaching $23.04 billion and a striking 420% return over the past year. InvestingPro subscribers can access additional insights, including 11 more ProTips and detailed financial metrics that provide a comprehensive view of the company's performance and market position. The company's financial performance has been remarkable, with revenue reaching $23.04 billion and a striking 420% return over the past year. InvestingPro subscribers can access additional insights, including 11 more ProTips and detailed financial metrics that provide a comprehensive view of the company's performance and market position.

The 30-year FRM averaged 6.96 percent as of this week, a decline from the previous week's average of 7.04 percent. This time last year, the average rate stood at 6.69 percent. The 15-year FRM also saw a decrease, averaging 6.16 percent, down from last week's 6.27 percent, and up from 5.96 percent a year ago.

Freddie Mac's Chief Economist, Sam Khater, noted that while affordability challenges persist, the dip in mortgage rates is positive news for potential homebuyers, as evidenced by an increase in purchase applications.

The Primary Mortgage Market Survey® (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 has been to support homebuyers and renters, promoting liquidity, stability, affordability, and equity in the housing market through various economic cycles.

Since its inception in 1970, Freddie Mac has played a pivotal role in helping millions of families to buy, rent, or maintain their homes. This week's survey results provide a glimpse into the current state of mortgage rates and their impact on the housing market.

The information in this article is based on a press release statement from Freddie Mac.

In other recent news, Freddie Mac has reported a surge in the 30-year fixed-rate mortgage average to 7.04 percent, marking the fifth consecutive weekly increase. The company's revenue in the last twelve months was $23.04 billion. In addition, Freddie Mac announced the election of Jane E. Prokop, Ph.D., to its Board of Directors, bringing extensive fintech experience to the company's leadership.

On the other side, Fannie Mae (OTC:FNMA)'s shares have seen a near 300% increase since the election victory of Donald Trump, as highlighted by Bill Ackman from Pershing Square. Ackman has proposed a plan for the restructuring of these entities, suggesting they could emerge from US conservatorship in the upcoming years.

Furthermore, Rocket Companies and its peers, including Fannie Mae and Freddie Mac, saw significant gains following the latest inflation data, which eased investor concerns about aggressive interest rate hikes.

Freddie Mac reported a third-quarter loss of -$0.02 per share, falling short of analyst estimates. However, its quarterly revenue significantly exceeded expectations, reaching $5.84 billion, surpassing the analyst estimate of $3.61 billion. These are some of the recent developments in the financial services industry.

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