Mortgage Rates Continue to Drop

Mortgage Rates Continue to Drop

 On August 29, 2024, Freddie Mac 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 likely due to expectations of a Fed rate cut.  It is widely expected that rates will continue their decline.

News Facts

• The 30-yearFixed Rate Mortgage (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.
   

Notes:

• Primary Mortgage Market Survey (PMMS) - a weekly survey of mortgage interest rates in the United States. PMMS rates are representative interest rates for conventional mortgage products based on a survey of lenders on the rates, points, and fees for their mortgage products. PMMS rates reflect the current market conditions and indicate what a borrower can expect when shopping for a mortgage loan.
• Fixed-rate mortgages (FRMs) - home loans, which charge borrowers a fixed interest rate that does not change throughout the loan term.
• Freddie Mac - the Federal Home Loan Mortgage Corporation (FHLMC) that is a publicly traded, government-sponsored enterprise.  The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with its sister organization, the Federal National Mortgage Association (Fannie Mae), Freddie Mac buys mortgages, pools them, and sells them as a mortgage-backed security (MBS) to private investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases

 For more information, please visit Freddie Mac at https://www.freddiemac.com/

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