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.

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Jun 06, 2024

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