By Jorge Vazquez
22 Sep 2023, 09:34 AM EDT
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed rate mortgage (FRM) averaged 7.19%.
“Mortgage rates remain above seven percent as the Federal Reserve paused its interest rate increases,” said Sam Khater, chief economist at Freddie Mac.
“Given these high rates, housing demand is cooling and now builders are feeling the effect. “Builder confidence has declined for the first time in several months and construction levels have fallen to their lowest level in three years, which could have an impact on the already low housing supply,” Khater added.
This is how the rates were:
30 year mortgage
30-year fixed-rate mortgages averaged 7.19% as of September 21, 2023, up from last week when they averaged 7.18%.
A year ago at this time, the 30-year FRM was averaging 6.29%.
15 year mortgage
15-year fixed-rate mortgages averaged 6.54%, up from last week when they averaged 6.51%.
A year ago at this point, the 15-year FRM averaged 5.44%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20 percent down payment and have excellent credit.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· 30-year mortgage rate remains anchored above 7%
· Places homebuyers are moving to in the US.