Zero movement on mortgage rates this week, but the continued steadiness of the average rate remaining in the mid-sixes for many weeks is having a positive impact on mortgage applications, economists say.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) averaged 6.76%, unchanged from last week’s average.
“Mortgage rates stayed flat this week,” said Sam Khater, Freddie Mac’s chief economist. “At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.”
This week’s numbers:
- The 30-year FRM averaged 6.76% as of May 8, 2025, unchanged from last week. A year ago at this time, the 30-year FRM averaged 7.09%.
- The 15-year FRM averaged 5.89%, down from last week when it averaged 5.92%. A year ago at this time, the 15-year FRM averaged 6.38%.
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