Freddie Mac, a leading mortgage provider, has released its latest Primary Mortgage Market Survey (PMMS), revealing that the 30-year fixed-rate mortgage (FRM) has reached a two-month high, averaging 6.94 percent. This increase in rates has dampened the already tentative momentum of homebuyers as we approach the historically busy spring season.
Sam Khater, Chief Economist at Freddie Mac, commented on the recent surge in rates, stating, “Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again.” He further emphasized that the rise in rates poses affordability challenges for potential homebuyers, especially when coupled with elevated home prices. These challenges may lead some buyers to remain on the sidelines.
Despite these obstacles, there is positive news in the housing market. Sales of newly built homes are trending in a positive direction, indicating a growing demand for housing. However, the combination of higher mortgage rates and increased prices presents a hurdle for many prospective buyers.
Freddie Mac’s mission is to make homeownership possible for families across the nation. With a focus on promoting liquidity, stability, affordability, and equity in the housing market, the company has been assisting families in buying, renting, or keeping their homes since 1970.
For borrowers who put 20 percent down and have excellent credit, the PMMS focuses on conventional, conforming, fully amortizing home purchase loans. This survey provides valuable insights into the mortgage market, helping potential homebuyers make informed decisions.
Freddie Mac encourages individuals to visit their website and social media channels, including Twitter, LinkedIn, Facebook, Instagram, and YouTube, to learn more about their services and stay updated on the latest news and trends in the housing market.
In conclusion, while mortgage rates have reached a two-month high, Freddie Mac remains committed to supporting families in achieving homeownership. By providing stability and promoting affordability in the housing market, the company continues to play a vital role in helping millions of families across the nation secure their dream homes.
