MCLEAN, Va. - Mortgage rates have experienced a slight decline, according to the latest Primary Mortgage Market Survey (PMMS) released by Freddie Mac on Thursday. The 30-year fixed-rate mortgage (FRM) averaged 6.74 percent, marking a decrease from the previous week's average of 6.88 percent. This downward trend follows a cumulative drop of nearly a quarter of a percent over the past two weeks.
The 15-year FRM also saw a reduction, averaging 6.16 percent compared to 6.22 percent the week prior. Despite these recent decreases, rates remain elevated in comparison to the same period last year, when the 30-year and 15-year FRMs averaged 6.60 percent and 5.90 percent, respectively.
Freddie Mac's Chief Economist, Sam Khater, noted that while the slight declines are observed, the overarching climate is still one of high mortgage rates due to persistent inflationary pressures. He suggested that the current economic conditions might lead to sustained higher rates.
The PMMS reflects the average mortgage rates for conventional home purchase loans with a 20 percent down payment made by borrowers with excellent credit. Freddie Mac, a government-sponsored enterprise, has been a cornerstone of the housing finance system since 1970, promoting liquidity, stability, affordability, and equity in the housing market.
The survey results are based on a press release statement from Freddie Mac and do not necessarily predict future market behavior or provide an analysis of the housing market trends. Investors and consumers are advised to consider the current mortgage rates within the broader context of the housing market and economy.
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