Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that 30-year fixed rate mortgage (FRM) averaged 7.12%, staying high and complicating plans for homebuyers in the United States.
“For the fourth consecutive week, the 30-year fixed rate mortgage remained above 7%“said Sam Khater, chief economist at Freddie Mac.
“The economy remains buoyant, which is encouraging for consumers. Although inflation has slowed, stronger economic data has put upward pressure on mortgage rates, which, in the face of affordability challengesare putting pressure on potential home buyersKhater added.
This is how the rates remained
30 year mortgage
30-year fixed-rate mortgages averaged 7.12% as of September 7, 2023, compared to last week when they averaged 7.18%. A year ago at this time, the 30-year FRM was averaging 5.89%.
15 year mortgage
15-year fixed rate mortgages averaged 6.52%, less than last week when they averaged 6.55%. A year ago at this point, the 15-year FRM averaged 5.16%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20% down payment and have excellent credit.
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