--  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.02 percent.

“Mortgage rates decreased for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”

News Facts

• The 30-year FRM averaged 7.02 percent as of May 16, 2024, down from last week when it averaged 7.09 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent.
• The 15-year FRM averaged 6.28 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 5.75 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

I am a big believer in business planning and success scheduling. My entire coaching philosophy is rooted in these two prime building blocks. While your annual business plan can create a structure and vision for the entire year, I like to work in three mini-90-day plans that help allow for local market trends and aspects of business that is also based on seasonal awareness. The first 90-day plan runs from about the third week of January through the April 15^th tax filing deadline.

The second 90-day plan runs from your local calendar from about two weeks before the schools let out for the year in your area, until about three weeks after they return back to school. This really depends on your local area because these times really deviate significantly around the country. Some kids get out in May and return early August; while others get out in late June and go back after Labor Day! In some cases, there might not be much of a gap between plans.

The third 90-day plan runs from about September 15^th through the last day in December you can take a loan application and get it closed before the end of the year, say December 15^th or so. This will vary depending on your access to programs and your own ability to expedite a file.

While I don’t have to space here to go into details on all of these, if you have followed these blog posts you have already seen these strategies. For today, lets just take a quick look at the second 90-day block and the components you will need to address:

•  End of school and return to school dates.

•  Your personal summer availability.

•  Your team members time off requirements.

•  Your referral partner vacation schedules.

•  All holidays and community event schedules.

Without having this information, it is difficult for you to navigate time off and the opportunities the summer will present you! The ability to have a schedule and plan in place will help you take advantage of all of the summer opportunities, both personal and professional. Without it, you could really miss out!

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