Mortgage Rates Not Seen Since February 2023

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.20 percent.

“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”

• The 30-year FRM averaged 6.20 percent as of September 12, 2024, down from last week when it averaged 6.35 percent. A year ago at this time, the 30-year FRM averaged 7.18 percent.
• The 15-year FRM averaged 5.27 percent, down from last week when it averaged 5.47 percent. A year ago at this time, the 15-year FRM averaged 6.51 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.