{"id":55366,"date":"2023-08-31T14:22:49","date_gmt":"2023-08-31T18:22:49","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/mortgage-rates-retreat-from-multidecade-highs-but-still-remain-volatile-freddie-mac-says\/"},"modified":"2023-08-31T14:22:53","modified_gmt":"2023-08-31T18:22:53","slug":"mortgage-rates-retreat-from-multidecade-highs-but-still-remain-volatile-freddie-mac-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55366","title":{"rendered":"Mortgage rates retreat from multidecade highs, but still remain volatile, Freddie Mac says"},"content":{"rendered":"
\n

U.S. mortgage rates fell for the first time in six weeks due to uncertainty over whether the U.S. Federal Reserve will raise interest rates again at its next meeting in September. <\/p>\n

The 30-year fixed-rate mortgage averaged 7.18% as of Aug 31, according to data released by Freddie Mac
\n FMCC,
\n +5.51%<\/bg-quote>
\n on Thursday.\u00a0<\/p>\n

\n

It\u2019s down 5 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n

A year ago, the 30-year was averaging at 5.66%.<\/p>\n

The average rate on the 15-year mortgage was unchanged at 6.55% from last week. The 15-year was at 4.98% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 7.07% as of Thursday afternoon.<\/p>\n

What Freddie Mac said: \u201c<\/strong>Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.\u00a0<\/p>\n

What are they saying?<\/strong> \u201cThe desire for homeownership is still strong, but there are going to be more and more prospective buyers for whom the numbers simply don\u2019t pencil out anymore at 7%+ rates.\u201d Lisa Sturtevant, chief economist at Bright MLS, said in a statement.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. mortgage rates fell for the first time in six weeks due to uncertainty over whether the U.S. Federal Reserve will raise interest rates again at its next meeting in September. The 30-year fixed-rate mortgage averaged 7.18% as of Aug 31, according to data released by Freddie Mac FMCC, +5.51% on Thursday.\u00a0 It\u2019s down 5 […]<\/p>\n","protected":false},"author":1,"featured_media":55367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-55366","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMortgage rates retreat from multidecade highs, but still remain volatile, Freddie Mac says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. mortgage rates fell for the first time in six weeks due to uncertainty over whether the U.S. Federal Reserve will raise interest rates again at its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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