Mortgage Rates Decrease for the First Time Since March

BY GlobeNewswire | AGENCY | 05/09/24 12:00 PM EDT

MCLEAN, Va., May 09, 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 7.09 percent.

?After a five week climb, mortgage rates ticked down following a weaker than expected jobs report,? said Sam Khater, Freddie Mac?s Chief Economist. ?An environment where rates continue to hover above seven percent impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.?

News Facts

  • The 30-year FRM averaged 7.09 percent as of May 9, 2024, down from last week when it averaged 7.22 percent. A year ago at this time, the 30-year FRM averaged 6.35 percent.
  • The 15-year FRM averaged 6.38 percent, down from last week when it averaged 6.47 percent. A year ago at this time, the 15-year FRM averaged 5.75 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/9e855a56-533a-4c42-bc17-2474e2af4126

Image: https://www.globenewswire.com/newsroom/ti?nf=OTExNDcyOSM2MjQ0MTc2IzIwODExNTY=
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Image: Primary Logo

Primary Mortgage Market Survey?
Image: https://ml.globenewswire.com/media/9e855a56-533a-4c42-bc17-2474e2af4126/medium/primary-mortgage-market-survey.png

U.S. weekly average mortgage rates as of 05/09/2024
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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