The nation’s home buyers continue to benefit from recent historic lows with only a slight uptick in the average 30-year fixed-rate mortgage this past week.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) averaged 6.30, a 4-basis-point increase from last week’s average of 6.26%.
“Following several weeks of decline, mortgage rates inched up this week,” said Sam Khater, Freddie Mac’s chief economist. “Housing market activity continues to hold up with purchase and refinance applications increasing by 18% and 42%, respectively, compared to the same time last year.”
Realtor.com Senior Economic Research Analyst Hannah Jones said that because of a lack of clearer direction from the Fed on rate cuts for the remainder of the year, markets were still adjusting following its 25-basis-point cut announced Sept. 17.
“Investors had been hoping for clearer confirmation of additional cuts in 2025, and the gap between those expectations and the Fed’s messaging pushed the 10-year Treasury yield, and mortgage rates, higher,” Jones said.
But added, “Even with this week’s uptick, mortgage rates remain near 11-month lows, creating opportunities for both buyers and homeowners considering a refinance. For buyers, the current rate environment is delivering a meaningful boost to affordability.”
These recent shifts can make the difference for first-time buyers stretching their budgets, particularly in high-cost metros, she noted but cautioned that while rates are lower recently, incoming inflation and jobs data will be key to determining whether mortgage rates move lower still or drift higher again.
“For now, the market is offering buyers and refinancers a window of opportunity that didn’t exist just a few months ago,” she said.
This week’s numbers:
- The 30-year FRM averaged 6.30% as of September 25, 2025, up from last week when it averaged 6.26%. A year ago at this time, the 30-year FRM averaged 6.08%.
- The 15-year FRM averaged 5.49%, up from last week when it averaged 5.41%. A year ago at this time, the 15-year FRM averaged 5.16%.
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