MCLEAN, Va. - Freddie Mac (OTCQB: FMCC (OTC:FMCC)), a public government-sponsored enterprise, announced today that the 30-year fixed-rate mortgage (FRM) is holding steady, averaging 6.82 percent. This figure is a slight uptick from the previous week's average of 6.79 percent. Comparatively, one year ago, the 30-year FRM averaged 6.28 percent.
The Primary Mortgage Market Survey® (PMMS®) also reported that the 15-year fixed-rate mortgage averaged 6.06 percent this week, a minor decrease from last week's average of 6.11 percent. At the same point last year, the 15-year FRM stood at 5.64 percent.
Sam Khater, Freddie Mac's Chief Economist, stated that despite signs of decreasing inflation rates, mortgage rates are not expected to drop significantly in the near future. However, Khater noted a silver lining in the form of improving housing inventory, which could help moderate the growth of home prices.
Freddie Mac's survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with a 20 percent down payment and excellent credit. The stability of mortgage rates comes as a critical indicator for potential homebuyers and the overall health of the housing market.
The organization has been a cornerstone of the housing market since 1970, providing liquidity, stability, affordability, and equity. Its mission is to facilitate homeownership for families across the United States, regardless of the economic climate.
The information reported is based on a press release statement by Freddie Mac and reflects the latest data on U.S. average mortgage rates as of today.
InvestingPro Insights
Freddie Mac (OTCQB: FMCC) remains a prominent player in the Financial Services industry, with a substantial market capitalization of $4.51 billion. The company's stock has experienced strong returns, with a remarkable 246.05% price total return over the last year, highlighting its dynamic performance in the market.
An InvestingPro Tip points out that Freddie Mac has seen a significant price uptick, with a six-month price total return of 151.83%. This upward trend is consistent with the company's high return over the past month, at 31.78%, and over the past three months, at 76.27%.
It is worth noting that despite these robust returns, Freddie Mac does not pay a dividend to shareholders, indicating that growth prospects may be the main draw for investors.
Further insights from InvestingPro reveal that Freddie Mac's stock generally trades with high price volatility, which might be a factor for investors with a lower risk tolerance to consider. However, for those looking to delve deeper into the company's financials and future prospects, there are additional InvestingPro Tips available. For instance, it's important to note that Freddie Mac's liquid assets exceed its short-term obligations, providing a cushion for operational needs.
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