30-year FRM Down Four Basis Points From Last Week

Jun 06, 2024

Associate Editor

The results of Freddie Mac's latest Primary Mortgage Market Survey are in.

Mortgage rates are continuing their slow descent this week, according to the results of Freddie Mac’s Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 6.99%, down slightly from 7.03% on May 30, but up from the prior week’s 6.94% (May 23). A year ago at this time, the 30-year FRM averaged 6.71%.

“Mortgage rates retreated this week given incoming data showing slower growth,” Freddie Mac’s Chief Economist Sam Khater said. “Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”

The 15-year FRM averaged 6.29%, down from last week when it averaged 6.36%. A year ago the 15-year FRM averaged 6.07%.

Mortgage Rates

Freddie Mac

About the author

Erica Drzewiecki

Associate Editor

Erica Drzewiecki is an associate editor at NMP.

Link copied

Published

Jun 06, 2024

Analysis and Data

Average Mortgage Rate Drops One Basis Point From Last Week

30-year FRM averaging 6.86%, Freddie Mac says

Mortgage rates are slowly inching down - or perhaps more accurately - centi-metering down. The 30-year fixed-rate mortgage (FRM) averaged 6.86% Thursday, according to the results of Freddie Mac’s Primary Mortgage Market Survey. That’s down exactly one basis point from...

Courts

NEXA Ex-President Files Motion To Dismiss Lawsuit, Kortas Responds

Ex-President and Co-Founder Mat Grella files a motion to dismiss NEXA's countersuit

The legal battle between NEXA co-founders continues this week with ex-president and co-founder Mat Grella filing a motion to dismiss, June 24, the lawsuit brought by co-founder and CEO Mike Kortas in the superior court in Maricopa, Arizona. In Grella’s Motion To Dismiss,...