Residential Real Estate News
U.S. Mortgage Rates Remain Stubbornly High Post Election, Rate Cuts
Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.78 percent as of November 14, 2024.
"After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers," said Sam Khater, Freddie Mac's Chief Economist. "Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades."
Freddie Mac News Facts
- The 30-year FRM averaged 6.78 percent as of November 14, 2024, down from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 7.44 percent.
- The 15-year FRM averaged 5.99 percent, down from last week when it averaged 6.0 percent. A year ago at this time, the 15-year FRM averaged 6.76 percent.
The National Association of Realtors chief economist Lawrence Yun reacted to Freddie Mac's latest rate data with a post on his social media feed saying, "The Fed rate cut has not brought down mortgage rates. Moderating housing costs with more supply will help the broader inflation to fall, which then makes mortgage rates fall. Reducing the federal deficit will also help."
