Mortgage rates were basically flat this week with the average rate for a 30-year hovering around 6.26%, up slightly from last week when it averaged 6.24%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.84%.
“Mortgage rates have been shifting within a narrow ten-basis point range over the last month,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This rate stability is a positive sign for both buyers and sellers, as it helps provide greater certainty in the housing market.”
The average rate for a 15-year fixed-rate mortgage was 5.54%, up from 5.49% last week but down from 6.02% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says while this “marks the third week of small movements, it’s part of a broader trend of rate stability.”
“In fact, today’s levels are roughly where mortgage rates were back in mid-October 2024, showing just how much progress we’ve made since rates peaked above 7 percent earlier this year,” Dedhia says in a statement. “This rate consistency is giving both homebuyers and sellers a greater sense of confidence. We’re seeing purchase and refinance activity stabilize, supported by growing inventory and less pressure on home prices. For homeowners who have been waiting for the right moment to refinance, these steady declines and lower volatility are helping tip the scale.”
“Looking forward, the focus is squarely on the Fed’s final meeting of the year in December,” Dedhia adds. “While the Fed cut rates at its last meeting, it signaled a more cautious tone for what’s next, which led to a slight uptick in bond yields. Still, most market watchers remain optimistic that another cut could happen, especially with signs of a cooling labor market and economic growth. In the meantime, borrowers should view this current window as a meaningful opportunity in an otherwise unpredictable rate environment.”
Photo: Jakub Żerdzicki