MCLEAN, Va., July 03, 2024 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Study® (PMMS®), revealing that the average interest rate for a 30-year fixed rate mortgage (FRM) is 6.95%. This week's results include an Independence Day adjustment.
“Mortgage rates rose this week, to just below 7%,” said Sam Carter, chief economist at Freddie Mac. “New home sales and sales contracts are both down, while the number of homes for sale is increasing. We expect rates to continue to decline slowly over the rest of the year, and more inventory should lead to more modest price increases, which bodes well for prospective homebuyers.”
News Facts
The average yield on a 30-year fixed rate loan is 6.95% as of July 3, 2024, up from last week's average yield of 6.86%. During the same period a year ago, the average yield on a 30-year fixed rate loan was 6.81%. The average yield on a 15-year fixed rate loan is up from last week's average yield of 6.16%. During the same period a year ago, the average yield on a 15-year fixed rate loan was 6.24%.
PMMS® focuses on conventional conforming full amortization home purchase loans for borrowers with high credit scores and a 20 percent down payment. View our FAQs for more information.
Freddie Mac's mission is to make homeownership possible for families across the nation. We promote liquidity, stability, affordability, and equity in the housing market through all economic cycles. Since 1970, we've helped tens of millions of families buy, rent, or keep their homes. Learn more: Website | Consumer | twitter | LinkedIn | Facebook | Instagram | YouTube
Media Contact:
Angela Wagaman
(703) 714-0644
Angela Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b5ac8e07-2dba-4be0-963b-b71770540a8e