Mortgage rates dropped this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.67%, down from 6.77% 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 6.95%.
“The average 30-year fixed-rate mortgage decreased for the fifth consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This is the largest weekly decline since early March. Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage.”
The average rate for a 15-year fixed-rate mortgage was 5.80%, down from 5.89% last week and down from 6.25% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says while the decrease “might seem modest, it’s another positive sign in a multi-week trend of gradual improvement.”
“This steady movement is creating some much-needed stability in the market and giving buyers and homeowners more confidence heading into the heart of summer,” Dedhia says in a statement. “The continued drop in rates is tied closely to the bond market. As inflation pressures ease and investors respond to uncertainty around tariffs and the Fed’s timing on potential rate cuts, Treasury yields have come down. That shift has helped steady mortgage-backed securities, which directly impacts mortgage pricing and keeps rates moving in the right direction.”
Photo: Jakub Żerdzicki