Freddie Mac's latest Primary Mortgage Market Survey (PMMS) reveals that the 30-year fixed-rate mortgage (FRM) has dropped to 6.09% as of September 19, 2024, showing continued downward movement from last week’s 6.20%. The ongoing decline has bolstered both purchase and refinance activity in the housing market.
Chief Economist Sam Khater commented on the trend, stating, “Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers.” He added that while mortgage rates do not directly follow Federal Reserve decisions, the central bank's first rate cut in over four years has had a noticeable impact on the housing market. According to Khater, the reduction in mortgage rates over recent weeks suggests the cut was already factored in by many, but further rate reductions are expected, potentially increasing housing market activity.
As of this report, the 30-year FRM averaged 6.09%, a significant decrease from 7.19% a year ago. The 15-year FRM also saw a drop, averaging 5.15%, down from 5.27% last week and from 6.54% in the same period last year.
