(March 14, 2024) Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.74 percent.
“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”
The 30-year FRM averaged 6.74 percent as of March 14, 2024, down from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent.
The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.22 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
Here's reaction to today's mortgage rate news from NAR Deputy Chief Economist Jessica Lautz.
Mortgage interest rates continued their 14-week stay within the mid-6% range this week. They fell from 6.88% to 6.74%, the lowest 30-year fixed mortgage interest rate reported by Freddie Mac since early February.
For home buyers looking to purchase a $400,000 home, this is a monthly mortgage payment with a 20% down payment of $2,073. As mortgage interest rates have declined from a high in October of 7.79%, this translates into a significant savings of $228.
These rates have encouraged home buyers, and according to REALTORS®, home buying activity is showing an increase in buyer demand from last year, when buyers were apprehensive of rising rates. More housing inventory is needed to meet the demand.