The 30-year fixed-rate mortgage (FRM) averaged 6.60 percent as of January 18, 2024, down from last week when it averaged 6.66 percent, and as high as 7.76 last Novemer, according to the Primary Mortgage Market Survey® by Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.15 percent.
“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
The 15-year fixed-rate mortgage averaged 5.76 percent, down from last week when it averaged 5.87 percent. A year ago at this time, the 15-year FRM averaged 5.28 percent.
The PMMS® is focused on mortgage rates for conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.