The latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday shows the 30-year fixed-rate mortgage (FRM) averaging 6.65%, up just 2 basis points from last week’s average of 6.63%.
“Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded. Purchase applications are up 5% as compared to a year ago. The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season.”
Realtor.com Senior Economist Joel Berner commented, “Going forward, we may see a bit more relief from mortgage rates following Wednesday’s consumer inflation report that came in lower than expected and showed prices stabilizing across the economy. We do not anticipate major or immediate policy changes from the Federal Reserve, which is taking a cautious approach to rate cutting, but slowing inflation gives the central bank more leeway to allow rates to fall.
“Rates are slightly lower than one year ago, but it remains to be seen whether this will be enough to get prospective buyers off the sideline,” Berner added. Other market conditions, however, are pointing to a stronger spring buying season in 2025 than in 2024. For-sale inventory is up, the median listing price is down, homes are spending longer on the market, and more sellers are cutting their prices.”
This week’s numbers:
- The 30-year FRM averaged 6.65% as of March 13, 2025, up slightly from last week when it averaged 6.63%. A year ago at this time, the 30-year FRM averaged 6.74%.
- The 15-year FRM averaged 5.80%, up slightly from last week when it averaged 5.79%. A year ago at this time, the 15-year FRM averaged 6.16%.
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