Mortgage rates continued to decrease this week, with the average rate for a 30-year, fixed-rate mortgage falling to 6.62%, down from 6.64% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.88%.
“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”
The average rate for a 15-year fixed-rate mortgage was 5.82%, unchanged from last week but down from 6.16% a year ago.
“The 30-year fixed remains below 7% for the 12th consecutive week—a sign of underlying stability despite recent market volatility,” says Samir Dedhia, CEO of One Real Mortgage, in a statement. “Continued uncertainty around inflation and global economic policy, including proposed tariffs, is contributing to volatility in the bond market.”
“With purchase applications on the rise, the spring homebuying season is shaping up to be more favorable than last year,” Dedhia adds. “For consumers, today’s rate environment—though not without challenges—still offers real opportunity. Locking in a rate now can protect against future increases, and homeowners should stay alert for potential refinancing windows if rates shift downward again.”
Photo: Susan Q Yin