Freddie Mac: 30-Year Mortgage Rate Falls to 7.32%, First Weekly Decline Since Late August
Freddie Mac released the results of its Primary Mortgage Market Survey on October 22, showing the 30-year fixed-rate mortgage averaged 7.32%, its first weekly decline since late August. The rate was down from 7.40% the prior week, and compares with 6.19% a year ago.
"The average 30-year fixed-rate mortgage declined this week, offering some relief to prospective homebuyers," said Sam Khater, Freddie Mac's Chief Economist. The 15-year fixed-rate mortgage averaged 6.68%, down from 6.71% the previous week and up from 5.44% a year ago.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Freddie Mac says its mission is to make home possible for families across the nation by promoting liquidity, stability and affordability in the housing market through all economic cycles.
The weekly survey reading contrasts with the September monthly average of 6.86% cited in the National Association of REALTORS' existing-home sales report: rates climbed to a fall peak of 7.40% in mid-October before easing to 7.32% in the latest week.
Source: GSM · USA (original Chinese edition)
Photo: 新泽西州一栋住宅前的「已售」标牌（资料图）。Famartin 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / A 'Sold' sign in front of a house in New Jersey (file photo). Photo by Famartin, CC BY-SA 4.0, via Wikimedia Commons.
