Mortgage Rates Tick Down as Markets Digest Incoming Data

/EIN News/ -- MCLEAN, Va., July 11, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.89 percent.

"Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s Chief Economist. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

News Facts

• The 30-year FRM averaged 6.89 percent as of July 11, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.96 percent.
• The 15-year FRM averaged 6.17 percent, down from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 6.30 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703) 714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0cce60a2-919d-4bed-bfc6-fdbe5cb1134e