Following Fed Chair Jerome Powell’s comments last week that a December rate cut is not a guarantee, economists said mortgage rates moving higher was an expected market response but also one that favors an improving climate for home affordability.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) moved up 5 basis points this week to 6.22% from last week’s average of 6.17%. This continues to represent a range much lower than a year ago at this time.
“On a median-priced home, this (average rate) could allow a homebuyer to save thousands annually compared to earlier this year, showing that affordability is slowly improving,” said Sam Khater, Freddie Mac’s chief economist.
“Mortgage rates remain well below recent highs, offering slightly improved affordability for buyers hoping to secure a home before year-end, said Realtor.com Senior Economic Research Analyst Hannah Jones. “Inventory growth continues to support buyers, but a slower pace of new listings suggests many homeowners remain reluctant to move, likely due to the mortgage rate “lock-in” effect.”
She also noted that despite the positive undercurrent of lower rates, uncertainty persists.
“The recent government shutdown has weighed on buyer sentiment, particularly in federal-heavy markets and metros tied closely to public-sector employment,” Jones said. “As the housing market moves into late fall, both buyers and sellers often turn their focus to the holidays and postpone major decisions until the new year. Still, motivated buyers may find a genuine window of opportunity in the coming weeks, with lower prices, more inventory, and improved rates creating favorable conditions. Eager sellers, meanwhile, should price strategically for the season and be prepared to negotiate in markets with abundant supply.“
At a glance
- The 30-year FRM averaged 6.22% as of November 6, 2025, up from last week when it averaged 6.17%. A year ago at this time, the 30-year FRM averaged 6.79%.
- The 15-year FRM averaged 5.50%, up from last week when it averaged 5.41%. A year ago at this time, the 15-year FRM averaged 6.00%.
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