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Yahoo
6 days ago
- Business
- Yahoo
Mortgage rates drop for first time in weeks, still hover near 7%
Mortgage rates declined for the first time in weeks, though they are still hovering near 7%, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.85% from last week's reading of 6.89%. The average rate on a 30-year loan was 6.99% a year ago. When Leaving The House To Your Heirs Backfires "The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow," said Sam Khater, Freddie Mac's chief economist. These States Were The Housing Market Mvps, According To Read On The Fox Business App The average rate on the 15-year fixed mortgage slipped to 5.99% from last week's reading of 6.03%. One year ago, the rate on the 15-year fixed note averaged 6.29%.Original article source: Mortgage rates drop for first time in weeks, still hover near 7% Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Mortgage Rates Move Down
Primary Mortgage Market Survey® MCLEAN, Va., June 05, 2025 (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 6.85%. "The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,' said Sam Khater, Freddie Mac's Chief Economist. News Facts The 30-year FRM averaged 6.85% as of June 5, 2025, down from last week when it averaged 6.89%. A year ago at this time, the 30-year FRM averaged 6.99%. The 15-year FRM averaged 5.99%, down from last week when it averaged 6.03%. A year ago at this time, the 15-year FRM averaged 6.29%. The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. For more information, view our Frequently Asked Questions. Freddie Mac's mission is to make home possible for families across the nation. We promote liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube MEDIA CONTACT:Angela Waugaman(703)714-0644Angela_Waugaman@ A photo accompanying this announcement is available at while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
Mortgage rates rise for third straight week, hover near 7%
Mortgage rates increased for the third straight week and continue to hover near the 7% level, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.89% from last week's reading of 6.86%. It marked the highest level since Feb. 6, when the rate on a 30-year mortgage also averaged 6.89%. The average rate on a 30-year loan was 7.03% a year ago. "Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes," said Sam Khater, Freddie Mac's chief economist. When Leaving The House To Your Heirs Backfires The average rate on the 15-year fixed mortgage climbed to 6.03% from last week's reading of 6.01%. One year ago, the rate on the 15-year fixed note averaged 6.36%. Read On The Fox Business App These States Were The Housing Market Mvps, According To Meanwhile, the National Association of Realtors on Thursday said that its Pending Home Sales Index, based on signed contracts, dropped by 6.3% to 71.3 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling 1%. Pending home sales declined by 2.5% from a year earlier. "At this critical stage of the housing market, it is all about mortgage rates," said NAR chief economist Lawrence Yun. "Despite an increase in housing inventory, we are not seeing higher home sales. Lower mortgage rates are essential to bring home buyers back into the housing market." Reuters contributed to this article source: Mortgage rates rise for third straight week, hover near 7% Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
30-Year Fixed-Rate Mortgages Average 6.86%
Primary Mortgage Market Survey® MCLEAN, Va., May 22, 2025 (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 6.86%. 'Mortgage rates inched up this week but continue to remain lower than one year ago. With more inventory for buyers to choose from than the last few years, purchase application activity continues to hold up,' said Sam Khater, Freddie Mac's Chief Economist. News Facts The 30-year FRM averaged 6.86% as of May 22, 2025, up from last week when it averaged 6.81%. A year ago at this time, the 30-year FRM averaged 6.94%. The 15-year FRM averaged 6.01%, up from last week when it averaged 5.92%. A year ago at this time, the 15-year FRM averaged 6.24%. The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. For more information, view our Frequently Asked Questions. Freddie Mac's mission is to make home possible for families across the nation. We promote liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube MEDIA CONTACT:Angela Waugaman(703)714-0644 A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Mortgage rates rise for 1st time in weeks, Freddie Mac says
Mortgage rates increased for the first time since last month, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.81% from last week's reading of 6.76%. The average rate on a 30-year loan was 7.02% a year ago. When Leaving The House To Your Heirs Backfires "The 30-year fixed-rate mortgage remained below the 7% threshold for the 17th consecutive week," said Sam Khater, Freddie Mac's chief economist. "Stable mortgage rates coupled with moderately rising inventory are attracting homebuyers into the market, with purchase application activity up 18% from last year." These States Were The Housing Market Mvps, According To Read On The Fox Business App The average rate on the 15-year fixed mortgage climbed to 5.92% from last week's reading of 5.89%. One year ago, the rate on the 15-year fixed note averaged 6.28%. Housing affordability and supply have been ongoing challenges for many Americans as they look to buy homes. A newly released report from the National Association of Realtors (NAR) and found that nationwide inventory has increased compared with last year as of March, but "access to affordable homes remains out of reach for many buyers." Among the income levels that the report looked at, middle-income buyers with $75,000 in annual pay saw the biggest year-over-year increase in the share of homes listed on the market that they are financially able to purchase, with it going from 20.8% in March 2024 to 21.2% this year. Click Here To Get Fox Business On The Go "This income group, middle-income buyers, face the largest shortage of affordable listings," NAR senior economist Nadia Evangelou told FOX Business. "So middle-income buyers gained the most, and that's very encouraging, yet still have the furthest to go, so there is this middle-income paradox, like biggest gains and biggest gaps." Evangelou said increasing the supply of homes is not enough to solve the affordability crisis for Americans — they need to be priced appropriately. "We need to better match between what's being built and what people can afford," she told FOX Business. "That means also rethinking local zoning, incentivizing smaller and more modest homes, supporting builders and expanding access to financing tools like down-payment assistance."Original article source: Mortgage rates rise for 1st time in weeks, Freddie Mac says
