15-Year Fixed Rate Conforming Mortgage Index
This dataset tracks 15-year fixed rate conforming mortgage index over time.
Latest Value
5.73
Year-over-Year Change
-3.36%
Date Range
1/3/2017 - 8/5/2025
Summary
The 15-Year Fixed Rate Conforming Mortgage Index tracks the average interest rate for 15-year fixed-rate mortgages that conform to Fannie Mae and Freddie Mac guidelines. This metric is crucial for understanding housing market conditions and lending trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index represents the standard interest rate for conventional 15-year mortgage loans that meet specific underwriting standards set by government-sponsored enterprises. Economists and financial analysts use this metric to assess borrowing costs, housing affordability, and potential impacts on real estate investment.
Methodology
The index is calculated by aggregating mortgage rate data from a representative sample of financial institutions across the United States.
Historical Context
Policymakers and central banks use this index to monitor lending conditions and assess potential monetary policy interventions.
Key Facts
- Represents standard 15-year fixed mortgage rates for conforming loans
- Influenced by Federal Reserve monetary policy and economic conditions
- Critical indicator for housing market affordability and lending trends
FAQs
Q: What makes a mortgage 'conforming'?
A: A conforming mortgage meets specific loan limits and underwriting guidelines set by Fannie Mae and Freddie Mac. These standards help ensure consistent lending practices across the market.
Q: How do 15-year mortgages differ from 30-year mortgages?
A: 15-year mortgages typically have lower interest rates but higher monthly payments compared to 30-year mortgages. They allow borrowers to build equity faster and pay less total interest over the loan's lifetime.
Q: How often is the OBMMIC15YF index updated?
A: The index is typically updated weekly, reflecting current market conditions and changes in lending rates. Financial institutions and economic researchers closely monitor these updates.
Q: How does this index impact home buyers?
A: The index directly influences mortgage affordability and borrowing costs for potential homeowners. Lower rates can make home purchases more accessible, while higher rates may increase monthly payments.
Q: What factors influence this mortgage rate index?
A: Key factors include Federal Reserve monetary policy, inflation rates, overall economic conditions, and the health of the broader financial markets.
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Citation
U.S. Federal Reserve, 15-Year Fixed Rate Conforming Mortgage Index [OBMMIC15YF], retrieved from FRED.
Last Checked: 8/1/2025