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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.87 percent.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”

News Facts

  • The 30-year FRM averaged 6.87 percent as of June 20, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.
  • The 15-year FRM averaged 6.13 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.03 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 |

Posted On Thursday, 20 June 2024 09:18 Written by

More than half of luxury homebuyers would be unlikely to make an offer on a home with an outdated kitchen

More than four in five (86%) luxury homebuyers rank double vanities as must-haves when searching for a home, making them the most asked-for kitchen and bathroom features among high-end buyers this year. Next come kitchen islands and granite or quartz countertops, with 85% of luxury buyers asking their agents for each of them, followed closely by walk-in pantries (83%).

This is according to a survey commissioned by Redfin, the technology-powered real estate brokerage. Roughly 300 Redfin Premier agents responded to the survey, which Qualtrics conducted in April-May 2024. The relevant question was: “How common is it for luxury buyers to ask for each of the following bathroom/kitchen amenities?” For the purpose of this release, Redfin included responses that deemed each feature “very common.”

How common is it for luxury buyers to ask for each of
the following kitchen/bathroom amenities?

Share of agents who said “very common”

Bidet

4%

Jacuzzi tub

6%

Mini fridge

7%

Steam shower

8%

Pot filler

11%

Coffee station

12%

Prep kitchen

13%

Integrated sound system

14%

Heated floors

17%

Butler’s pantry

18%

Farmhouse sink

20%

Wine fridge

22%

Energy-efficient appliances

31%

Showers with multiple heads

35%

Free standing tub

38%

Smart-home technology

42%

Smart-home technology

44%

A separate toilet room

47%

Custom cabinets

53%

High-end appliances

77%

Walk-in pantry

83%

Kitchen Island

85%

Granite or quartz countertops

85%

Double sinks/double vanity

86%

“Luxury buyers are looking to fall in love with their future home, and they often make emotional decisions because they have the financial means to do so,” said Andrew Rottner, a Redfin Premier Agent in Denver. “What luxury buyers want are all the features of a custom built home in an established and enviable neighborhood. A home where, before even touring, the buyer can envision the cooking they’d do in the kitchen or the entertaining they’d do in the indoor/outdoor living space.”

Open floor plans are the most desirable overall home trend

Zooming out to the entire house, 83% of agents said open-concept floor plans are desirable to luxury buyers, making it the most desirable home trend among this spring’s buyers.

Granite countertops were the only other trend the majority of agents ranked as “very desirable.” Several trends that used to be popular, such as sliding barn doors and shiplap, seem to have gone by the wayside; just 8% of agents ranked each of those features as “very desirable” for buyers.

The relevant question was: “How desirable are each of these home trends for buyers?”

How desirable are each of these home trends for buyers?

Share of agents who said “very desirable”

Linoleum floors

1%

Tile countertops

2%

Wallpaper

4%

Dog wash station

5%

Bright-colored accent walls

6%

Sliding barn doors

8%

Shiplap

8%

Wet bar or beverage center

22%

Granite countertops

51%

Open concept floor plans

83%

Outdated kitchens are the biggest turnoff for luxury buyers

More than half (54%) of homebuyers would be unlikely to make an offer on a luxury home if it had an outdated kitchen. That makes an outdated kitchen the biggest turnoff for buyers, followed by lack of curb appeal (48%), outdated bathrooms (44%), and popcorn ceilings (40%).

This comes at a time when monthly housing payments are near their highest level on record, making it tough for some buyers to come up with cash for renovations.

In the survey, agents were asked how common it is that a buyer would ultimately decide to not make an offer on a home after encountering specific home features on a home they tour, helping home sellers understand the most important updates to make before selling.

How common is it that a buyer decides not to make an offer
after encountering the following features in a home they tour?

Share of agents who said “very common”

Poorly placed laundry room

18%

Old appliances

31%

Overly textured walls

31%

Obscure paint colors

33%

Outdated carpet

38%

Popcorn ceiling

40%

Outdated bathroom

44%

Lack of curb appeal

48%

Outdated kitchen

54%

Landscaping is the most sought-after outdoor feature

Nearly seven in 10 (69%) luxury homebuyers say landscaping is a must-have feature, followed by indoor/outdoor living space (58%). Still, buyers are less likely to rank outdoor features as must-haves than kitchen or bathroom amenities.

Over half of homebuyers say that climate friendly and energy efficient features, such as solar powered lights, solar panels, and drought-resistant landscaping, are not on the priority list when it comes to their backyard.

How common is it for luxury buyers to ask their agent to find a
home with these outdoor features?

Share of agents who said “very common”

Pizza oven

2%

Solar powered lighting

5%

Solar panels

11%

Drought-resistant landscaping

12%

Shed

17%

Drip irrigation

19%

Hot tub

20%

Fire pit

21%

Outdoor kitchen

33%

Pool

33%

Covered patio

46%

Indoor/outdoor living space

58%

Landscaping

69%

Posted On Thursday, 20 June 2024 06:33 Written by
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