Mortgage Rates Increase, Nearing Seven Percent

BY GlobeNewswire | AGENCY | 03/21/24 12:00 PM EDT

MCLEAN, Va., March 21, 2024 (GLOBE NEWSWIRE) -- Freddie Mac today released the results of its Primary Mortgage Market Survey??(PMMS?), showing the 30-year fixed-rate mortgage (FRM) averaged 6.87 percent.

?After decreasing for a couple of weeks, mortgage rates are once again on the upswing,? said Sam Khater, Freddie Mac?s Chief Economist. ?As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.?

News Facts

  • The 30-year FRM averaged 6.87 percent as of March 21, 2024, up from last week when it averaged 6.74 percent. A year ago at this time, the 30-year FRM averaged 6.42 percent.
  • The 15-year FRM averaged 6.21 percent, up from last week when it averaged 6.16 percent. A year ago at this time, the 15-year FRM averaged 5.68 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?s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8394a551-f773-41a7-b995-ac1a7b6f0e3b

Image: https://www.globenewswire.com/newsroom/ti?nf=OTA2NzM3MiM2MTQ2OTU2IzIwODExNTY=
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Image: Primary Logo

Primary Mortgage Market Survey?
Image: https://ml.globenewswire.com/media/8394a551-f773-41a7-b995-ac1a7b6f0e3b/medium/primary-mortgage-market-survey.png

U.S. weekly average mortgage rates as of 03/21/2024
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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