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Mortgages

Mortgage Rates Remain Flat, Buyers Continue to Pause Despite Lower Interest Rates

Strategic Insights

— 1 min read

Mortgage rates in the US have largely remained unchanged from the previous week, with the 30-year fixed-rate mortgage averaging 6.78 percent as of July 25, 2024, according to the recent results of Freddie Mac's (PMMS(R)). Despite these lower rates, homebuyers continue to hesitate, with new and existing home sales data showing a decline. According to Sam Khater, Freddie Mac's Chief Economist, the decrease in rates from their peak earlier this year is significant, but the overall market remains cautious.

Key Takeaways:

  • The 30-year fixed-rate mortgage averaged 6.78 percent as of July 25, 2024, up slightly from last week's 6.77 percent.
  • The 30-year FRM averaged 6.81 percent at this time last year, showing a slight decrease over the past year.
  • The 15-year FRM averaged 6.07 percent, up from last week's 6.05 percent, but still down from the 6.11 percent average from this time last year.
  • The (PMMS(R)) survey is focused on conventional, conforming, fully amortizing home purchase loans made to borrowers with excellent credit and a 20 percent down payment.
  • Despite lower interest rates, new and existing home sales data show a decline in the market, indicating a cautious approach from homebuyers.
  • Freddie Mac has helped tens of millions of families buy, rent, or keep their homes since 1970, with a mission to promote liquidity, stability, affordability, and equity in the housing market.

Statistics:

  • The 30-year fixed-rate mortgage averaged 6.78 percent as of July 25, 2024.
  • The 30-year FRM averaged 6.77 percent last week and 6.81 percent the same time last year.
  • The 15-year FRM averaged 6.07 percent as of July 25, 2024, up from 6.05 percent last week and 6.11 percent the same time last year.
  • Home sales have declined in recent weeks, despite lower interest rates.
  • Freddie Mac has helped over 40 million families with housing-related needs since its inception in 1970.

Sources:

  • Freddie Mac, July 25, 2024
  • FREEDOM OF INFORMATION ACT - FREddie - Mack - Freedom of Information Act

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