Mortgage rates continued to edge down this week, with the average rate for a 30-year, fixed-rate mortgage falling to 6.64%, down from 6.65% 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 6.82%
“Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.”
The average rate for a 15-year fixed-rate mortgage was 5.82%, down from 5.89% last week and down from 6.06% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says “while the weekly change appears modest, rates have dropped more sharply today, reaching their lowest levels since December 2024.”
“This movement comes as volatility ramps up across financial markets, driven by growing fears surrounding the latest round of proposed tariffs,” Dedhia says in a statement. “Investor anxiety over the economic impact of these tariffs triggered a sell-off in equities, pushing capital into safer assets like Treasury bonds and mortgage-backed securities—traditional safe havens during uncertain times. This shift has driven bond yields lower, which in turn is pulling mortgage rates down. The rapid rate movement underscores just how sensitive the market is to policy headlines and geopolitical developments. Although volatility brings uncertainty, it’s also creating opportunity.”
“For consumers, today’s rate drop is a meaningful development,” Dedhia adds. “Lower rates reduce monthly payments for homebuyers, improving affordability just as the spring housing market heats up. Additionally, current homeowners may find attractive refinancing options to lower their existing mortgage payments.”
Photo: David Kristianto