Mortgage Rates Tick Down

BY GlobeNewswire | AGENCY | 11/23/22 12:00 PM EST

MCLEAN, Va., Nov. 23, 2022 (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 6.58 percent. This week?s results include an adjustment for the observance of Thanksgiving.

?Mortgage rates continued to tick down heading into the Thanksgiving holiday,? said Sam Khater, Freddie Mac?s Chief Economist. ?In recent weeks, rates have hit above seven percent only to drop by almost half a percentage point. This volatility is making it difficult for potential homebuyers to know when to get into the market, and that is reflected in the latest data which shows existing home sales slowing across all price points.?

News Facts

  • 30-year fixed-rate mortgage averaged 6.58 percent as of November 23, 2022, down from last week when it averaged 6.61 percent. A year ago at this time, the 30-year FRM averaged 3.10 percent.
  • 15-year fixed-rate mortgage averaged 5.90 percent, down from last week when it averaged 5.98 percent. A year ago at this time, the 15-year FRM averaged 2.42 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 makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we?ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac?s blog FreddieMac.com/blog.

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

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Image: Primary Logo

Primary Mortgage Market Survey?
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U.S. weekly average mortgage rates as of 11/23/2022
Source: Freddie Mac

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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