MCLEAN, Va. - Freddie Mac (OTCQB: FMCC (OTC:FMCC)) announced that the 30-year fixed-rate mortgage (FRM) average has decreased to 6.88 percent as of today. This reflects a slight decline from the previous week's average of 6.94 percent, signaling a potential increase in home purchase applications after a six-week slump.
The survey, known as the Primary Mortgage Market Survey® (PMMS®), also reported that the 15-year FRM averaged 6.22 percent, down from last week's average of 6.26 percent. In comparison, a year ago, the 30-year FRM and 15-year FRM averaged 6.73 percent and 5.95 percent, respectively.
Freddie Mac's Chief Economist Sam Khater highlighted that the recent dip in mortgage rates has spurred a rise in applications, indicating the sensitivity of purchase demand to interest rate fluctuations. Khater also emphasized the importance of shopping around for rates, as there can be significant variations between lenders.
The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who place a 20 percent down payment and possess excellent credit.
Freddie Mac, a public government-sponsored enterprise, is committed to promoting liquidity, stability, affordability, and equity in the housing market. Since its establishment in 1970, Freddie Mac has played a pivotal role in assisting millions of families in purchasing, renting, or maintaining their homes.
The reported figures are based on the latest data released by Freddie Mac in their weekly survey, providing a snapshot of the current state of mortgage rates in the United States.
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