Mortgage Monitor

Mortgage Rates Move Lower

Signs of cooling inflation and market expectations of a future Fed rate cut responsible for the mortgage dip

The Freddie Mac Primary Mortgage Market Survey® is weekly mortgage rate survey collected by Freddie Mac since April 1971. 

MCLEAN, Va., June 20, 2024 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.87 percent.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”

News Facts

  • The 30-year FRM averaged 6.87 percent as of June 20, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.
  • The 15-year FRM averaged 6.13 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view their Frequently Asked Questions.

 

 

 

About Freddie Mac
Freddie Mac’s mission is to make home possible for families across the nation. They promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, they have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

 

Leave a Reply

Your email address will not be published. Required fields are marked *