Freddie Mac released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaged 6.60%.
“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
The 30-year FRM averaged 6.60% as of January 18, 2024, down from last week when it averaged 6.66%. A year ago at this time, the 30-year FRM averaged 6.15%.
The 15-year FRM averaged 5.76%, down from last week when it averaged 5.87%. A year ago at this time, the 15-year FRM averaged 5.28%.
