By Jorge Vazquez
01 Sep 2023, 09:14 AM EDT
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 7.18%, a modest decline from last week’s report.
“Mortgage rates stabilized this week but remain elevated. Even as rates remain high, low inventory is keeping home prices stable,” said Sam Khater, chief economist at Freddie Mac.
“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September when the Federal Reserve determines its next steps on interest rate hikes,” Khater added.
So were the rates
30-year fixed-rate mortgages averaged 7.18% as of August 31, 2023, up from last week when they averaged 7.23%. A year ago at this time, the 30-year FRM was averaging 5.66%.
15 year mortgage
15-year fixed-rate mortgages averaged 6.55%, unchanged from last week. A year ago at this point, the 15-year FRM was averaging 4.98%.
PMMS focuses on conventional, conforming, and fully amortizing home purchase loans for borrowers with a 20% down payment and excellent credit.
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