Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 7.18%, which represents a timid decrease against last week’s report.
“Mortgage rates stabilized this week but they are still high. Even as rates remain high, low inventory is keeping home prices stable,” said Sam Khater, chief economist at Freddie Mac.
“Recent volatility makes it difficult to forecast where rates will head next, but we should have a better indicator in september, when the Federal Reserve determines its next steps regarding interest rate increasesKhater added.
So were the rates
30-year fixed-rate mortgages averaged 7.18% as of August 31, 2023, vs. last week when they averaged 7.23%. A year ago at this time, the 30-year FRM was averaging 5.66%.
15 year mortgage
15-year fixed-rate mortgages averaged 6.55%, No change from last week. A year ago at this point, the 15-year WRF was averaging 4.98%.
PMMS focuses on conventional, conforming, and fully amortizing home purchase loans for borrowers with a 20% down payment and excellent credit.
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