By Jorge Antonio Vázquez Buendía
01 Feb 2024, 17:00 PM EST
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent.
“While affordability continues to impact homeownership, the combination of a strong economy, strong demographics and lower mortgage rates are setting the stage for a stronger housing market,” said Sam Khater, chief economist at Freddie Mac.
Khater explained: “Mortgage rates have remained stable for almost two months, but with inflation continuing to slow we expect rates to fall further. “The economy continues to perform well thanks to strong job and income growth, while household formation is increasing at rates above pre-pandemic levels.”
For Freddie Mac, these tailwinds should provide strong fundamental support to the market in the coming months.
This is how mortgage rates remained
30 year mortgage
The 30-year FRM averaged 6.63 percent as of February 1, 2024, up from last week when it averaged 6.69 percent. A year ago at this time, the 30-year FRM averaged 6.09 percent.
15 year mortgage
The 15-year MRF averaged 5.94 percent, down from last week when it averaged 5.96 percent. A year ago at this point, the 15-year FRM averaged 5.14 percent.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20 percent down payment and have excellent credit.
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