With mortgage rates continuing to decline–to their lowest point in over a year this week–refinance activity enters its sixth week at a high pace.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another eight basis points this week to 6.19% from last week’s average of 6.27%.
“Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” said Sam Khater, Freddie Mac’s chief economist. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.”
Realtor.com Senior Economist Jake Krimmel said the decline confirms what markets and forecasters had been anticipating: Mortgage rates are finding relief ahead of the Fed’s expected October cut, but added further declines may be harder to come by.
“The upcoming cut is already priced in, while uncertainty over a potential December move, stubborn budget deficits and lingering inflation expectations continue to limit how far mortgage rates could fall,” Krimmel stated.
“Looking forward, a sustained housing market pickup hinges on lower mortgage rates with narrowing spreads, inventory building enough to meaningfully ease price pressures, and the return of a labor market dynamic enough to overcome any residual economic uncertainty.”
At a glance
- The 30-year FRM averaged 6.19% as of October 23, 2025, down from last week when it averaged 6.27%. A year ago at this time, the 30-year FRM averaged 6.54%.
- The 15-year FRM averaged 5.44%, down from last week when it averaged 5.52%. A year ago at this time, the 15-year FRM averaged 5.71%.
For the full Freddie Mac report, click here.
