30-Year Fixed-Rate Mortgage Down Three Basis Points – NMP
Analysis and Data

30-Year Fixed-Rate Mortgage Down Three Basis Points

Aug 22, 2024
rates fall
A headshot of Erica Drzewiecki
Associate Editor

Rates will need to decline another percentage point to entice buyers, Freddie Mac says

Mortgage rates continued their slow descent this week.

The 30-year FRM averaged 6.46% Thursday, according to Freddie Mac’s Primary Mortgage Market Survey. That is down from last week when it averaged 6.49% and significantly down from a year ago when it averaged 7.23%.

“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Freddie Mac’s Chief Economist Sam Khater. “Earlier this month, rates plunged and are now lingering just under 6.5%, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”

The 15-year FRM averaged 5.62%, down from last week when it averaged 5.66%. A year ago at this time, the 15-year FRM averaged 6.55%.

Mortgage Rates
Freddie Mac
About the author
A headshot of Erica Drzewiecki
Associate Editor
Erica Drzewiecki is an associate editor at NMP.
Link copied
Published
Aug 22, 2024
Get the NMP Daily
Regulation and Compliance
Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Fannie Mae’s artificial intelligence and machine-learning governance requirements take effect Thursday, Aug. 6, giving approved seller/servicers a final deadline to formalize how the technology is used across mortgage origination and servicing.The requirements apply when a s...

Continue reading
Analysis and Data
Higher Mortgage Rates Shrink Purchase Demand, Expand Buyer Leverage

Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers

Higher mortgage rates are thinning the purchase pipeline, even as lower asking prices and reduced competition give borrowers still in the market more leverage.Seasonally adjusted U.S. pending home sales totaled 322,739 during the four weeks ending July 26, their lowest level...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Analysis and Data
Higher Mortgage Rates Shrink Purchase Demand, Expand Buyer Leverage

Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers

Analysis and Data
Jul 31, 2026
Even Stable Public-Service Careers No Longer Guarantee Homeownership

Younger teachers, health care workers, first responders, and military households can afford median-priced homes in only a fraction of major metros

Analysis and Data
Jul 31, 2026
Buyers Gain Negotiating Power In 41 Major Housing Markets

Price cuts and longer listing times are creating opportunities for loan officers to help borrowers negotiate seller concessions, but leverage varies sharply by metro

Analysis and Data
Jul 30, 2026
Fannie Mae Purchase Volume Jumps 33% In Second Quarter

The GSE financed 201,000 home purchases, while appraisal alternatives pushed estimated borrower closing-cost savings to $3 billion

Analysis and Data
Jul 29, 2026
Second-Home Lending Grows Faster Than Primary-Home Market

Vacation-home mortgages rose 4.1% in 2025, led overwhelmingly by affluent borrowers

Analysis and Data
Jul 28, 2026
Credit Score Battle Picks Up Speed With FICO, VantageScore Gains

FICO 10T enrollment tops 70 lenders while VantageScore 4.0’s presence in TransUnion mortgage credit pulls jumps from less than 5% to roughly 30%

Analysis and Data
Jul 28, 2026