Mortgage rate watchers point out that so far this year rates have fallen 87 basis points from their mid-January peak, a welcome event for homebuyers that have been waiting on the sidelines and homeowners who have been considering refinancing.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another two basis points this week to 6.17% from last week’s average of 6.19%. This represents a new lowest level for the year since last week.
“Mortgage rates decreased for the fourth consecutive week. The last few months have brought lower rates and homebuyers are increasingly entering the market,” said Sam Khater, Freddie Mac’s chief economist.
Realtor.com Senior Economic Research Analyst Hannah Jones, commented, “At Wednesday’s FOMC meeting, policymakers voted to lower the federal funds rate by 25 basis points, a move largely anticipated and already baked in to mortgage rates. However, in his post-meeting remarks, Fed Chair Jerome Powell emphasized that another rate cut in December is not guaranteed.”
She noted that in response, the 10-year Treasury yield moved higher, indicating that mortgage rates could face renewed upward pressure in the weeks ahead.
“While the housing market remains challenging for many households, stable home prices, growing inventory, and a slower market pace may open the door for buyers looking to make a move before the year’s end.”
At a Glance
- The 30-year FRM averaged 6.17% as of October 30, 2025, down from last week when it averaged 6.19%. A year ago at this time, the 30-year FRM averaged 6.72%.
- The 15-year FRM averaged 5.41%, down from last week when it averaged 5.44%. A year ago at this time, the 15-year FRM averaged 5.99%.
