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MCLEAN, Va. – Mortgage rates saw a slight decline, according to the latest Primary Mortgage Market Survey (PMMS) released by Freddie Mac on Thursday. The average 30-year fixed-rate mortgage (FRM) rate was 6.74%, down from the previous week’s average (6.88%). This downward trend follows a cumulative decrease of nearly a quarter of a percent over the past two weeks.
The 15-year FRM also saw a reduction, averaging 6.16% compared to 6.22% the previous week. Despite these recent declines, rates remain elevated compared to the same period last year, when 30-year and 15-year FRMs averaged 6.60% and 5.90%, respectively.
Freddie Mac Chief Economist Sam Khater noted that despite these slight declines, mortgage rates remain high due to ongoing inflationary pressures. He suggested that current economic conditions could lead to sustainably higher rates.
The PMMS reflects average mortgage rates for conventional home purchase loans with a 20% down payment, made to borrowers with excellent creditworthiness. Freddie Mac, a publicly held company, has been the cornerstone of the housing finance system since 1970. It promotes liquidity, stability, affordability and fairness in the housing market.
Survey results are based on a Freddie Mac press release and do not necessarily predict future market behavior or provide analysis of housing market trends. Investors and consumers are advised to consider current mortgage rates in the context of the broader housing market and economy.
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2024-03-14 16:20:42
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