Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent.
"Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines."
The 30-year FRM averaged 6.35 percent as of August 29, 2024, down from last week when it averaged 6.46 percent. A year ago at this time, the 30-year FRM averaged 7.18 percent.
The 15-year FRM averaged 5.51 percent, down from last week when it averaged 5.62 percent. A year ago at this time, the 15-year FRM averaged 6.55 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.