The average 30-year-fixed rated mortgage continued edging downward this week, lowering from last week’s 6.89% to 6.87%, according to the latest Primary Mortgage Market Survey® (PMMS®)from Freddie Mac, released Thursday.
“The 30-year fixed-rate mortgage continued to inch down this week, reaching its lowest level thus far in 2025,” said Sam Khater, Freddie Mac’s chief economist. “Recent mortgage rate stability is benefitting potential buyers, as purchase demand is stronger than this time last year. This is an indication that a thaw in buyer activity could be on the horizon.”
Realtor.com Senior Economist Joel Berner, commented, “Given yesterday’s news of consumer inflation coming in higher than expected, mortgage rates are unlikely to drop much more significantly any time soon, as debt market investors demand higher returns to account for weakening spending power and the Federal Reserve is unlikely to lower interest rates.
“The days of sub-4% mortgage rates are over, and if inflation continues to resist being stamped out, they may not be back for a long time,” Berner added. “Prospective homebuyers should not expect much relief from high mortgage rates in the near future, and recent buyers who were told in the last few years to “marry the house and date the rate” (meaning they would have opportunities to refinance coming soon) may find themselves wedded to a mortgage in the 6-7% range for longer than they originally hoped. The good news for buyers is that the median listing price across the country is falling and more homes were on the market this January than during any January since before the COVID-19 pandemic.”
This week’s numbers:
- The 30-year FRM averaged 6.87% as of February 13, 2025, down from last week when it averaged 6.89%. A year ago at this time, the 30-year FRM averaged 6.77%.
- The 15-year FRM averaged 6.09%, up from last week when it averaged 6.05%. A year ago at this time, the 15-year FRM averaged 6.12%.
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