Mortgage Rates Continue to Rise, Impacting Homebuyer Demand

Freddie Mac, a leading mortgage provider, has released the results of its Primary Mortgage Market Survey® (PMMS®), revealing that the 30-year fixed-rate mortgage (FRM) averaged 7.49 percent. This marks a continuation of the upward trajectory in mortgage rates, primarily influenced by the increase in the 10-year Treasury yield, a key benchmark.

According to Sam Khater, Freddie Mac’s Chief Economist, several factors, including shifts in inflation, the job market, and uncertainty surrounding the Federal Reserve’s next move, have contributed to the highest mortgage rates in a generation. As a result, homebuyer demand is being pulled back.

The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Freddie Mac’s mission is to make homeownership possible for families across the nation, promoting liquidity, stability, affordability, and equity in the housing market.

Since 1970, Freddie Mac has played a vital role in helping tens of millions of families buy, rent, or keep their homes. Their commitment to supporting the housing market throughout all economic cycles has made a significant impact on communities nationwide.

For more information on Freddie Mac and its initiatives, visit their website or follow them on social media platforms such as Twitter, LinkedIn, Facebook, Instagram, and YouTube.

Contact:
Angela Waugaman
Phone: (703) 714-0644
Email: Angela_Waugaman@FreddieMac.com

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