Average Mortgage Rate Drops One Basis Point From Last Week – NMP
Analysis and Data

Average Mortgage Rate Drops One Basis Point From Last Week

Jun 27, 2024
Interest Rates
A headshot of Erica Drzewiecki
Associate Editor

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 last week, when the 30-year FRM averaged 6.87%.

“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s Chief Economist. “By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”

The 15-year FRM averaged 6.16%, up from last week when it averaged 6.13%. 

A year ago at this time, the 30-year FRM averaged 6.71%, and the 15-year FRM averaged 6.06%.

Mortgage Rates
Freddie Mac
About the author
A headshot of Erica Drzewiecki
Associate Editor
Erica Drzewiecki is an associate editor at NMP.
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Jun 27, 2024
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