Mortgage Rates Continue To Tumble

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.09 percent.

“Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”

• The 30-year FRM averaged 6.09 percent as of September 19, 2024, down from last week when it averaged 6.20 percent. A year ago at this time, the 30-year FRM averaged 7.19 percent.
• The 15-year FRM averaged 5.15 percent, down from last week when it averaged 5.27 percent. A year ago at this time, the 15-year FRM averaged 6.54 percent.

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