Freddie Mac released the results of its Primary Mortgage Market Surveyshowing the 30-year fixed-rate mortgage (FRM) averaged 6.63%.
“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater elaborated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”
The 30-year FRM averaged 6.63% as of February 1, 2024, down from last week when it averaged 6.69%. A year ago at this time, the 30-year FRM averaged 6.09%.
The 15-year FRM averaged 5.94%, down from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 5.14%.
