Mortgage Rates Remain Flat Amidst Anticipation of August Jobs Report

Strategic Insights -

Mortgage rates have leveled off as the markets await the release of the August jobs report, with Freddie Mac's Chief Economist, Sam Khater, pointing out that even though rates have decreased over the summer, home sales remain sluggish. However, refinance opportunities are becoming more attractive to homeowners who bought in recent years, allowing them to reduce their monthly payments. According to Freddie Mac's Primary Mortgage Market Survey (PMMS(R)), the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent as of September 5, 2024, unchanged from the previous week.

Key Takeaways:

  • The 30-year FRM averaged 6.35 percent as of September 5, 2024, with no change from the previous week.
  • A year ago, the 30-year FRM averaged 7.12 percent, indicating a decrease of 0.77 percentage points.
  • The 15-year FRM averaged 5.47 percent, down from last week's average of 5.51 percent, and 0.15 percentage points lower than the average a year ago.
  • Freddie Mac's PMMS(R) focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit who put 20 percent down.
  • The mission of Freddie Mac is to promote liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.
  • Since 1970, Freddie Mac has helped tens of millions of families buy, rent, or keep their home.

Statistics:

  • The 30-year FRM averaged 6.35 percent as of September 5, 2024.
  • A year ago, the 30-year FRM averaged 7.12 percent, with a decrease of 0.77 percentage points.
  • The 15-year FRM averaged 5.47 percent, down 0.15 percentage points from a year ago.
  • The 30-year FRM averaged 7.12 percent a year ago, with the 15-year FRM averaging 6.52 percent.
  • Freddie Mac has helped tens of millions of families buy, rent, or keep their home since 1970.

Sources:

  • (OTCQB: FMCC), September 5, 2024
  • GlobeNewswire, September 5, 2024 (insert URL)
  • Freddie Mac's Chief Economist, Sam Khater, as quoted on September 5, 2024.