Formula & Calculation Mechanism
Freddie Mac Primary Mortgage Market Survey National Average 30-Year Fixed Rate
High mortgage rates (>7.0%) create a lock-in effect for home sellers and depress new homebuyer transaction volume.
Market Impact on US Equities & S&P 500
Mortgage rate declines toward 6% stimulate homebuilding, housing activity, and consumer wealth effects.
Historical Precedents & Bull/Bear Regimes
Reached 7.79% in late 2023, the highest level in 23 years.