Mortgage rates remain elevated as the economy and housing market see continued challenges, according to Freddie Mac’s latest Primary Mortgage Market Survey®.
The 30-year fixed rate mortgage (FRM) averaged 6.72% this week, down very slightly from the 6.74% reported last week and the 6.73% observed last year. Freddie Mac’s Chief Economist Sam Khater noted that this the fourth consecutive week the 30-year FRM has shown little movement.
The 15-year FRM averaged 5.85%, down from last week when it averaged 5.87% and from last year when it averaged 5.99%.
This week’s report follows the Federal Reserve’s recent decision to once again hold rates steady.
“Despite great political pressure, the Fed maintained its wait-and-see approach, pointing to overall good economic conditions and having the flexibility in navigating emerging risks—including potential tariff-driven price shocks that could complicate progress toward sustained disinflation,” commented Realtor.com Economist Jiayi Xu.
“With mortgage rates remaining stubbornly high, affordability continues to be a major roadblock for many would-be buyers—especially younger adults trying to break into the market,” Xu continued.
Khater added that “continued economic growth, along with moderating house prices and rising inventory, bodes well for buyers and sellers alike.”
