Economists say that while pockets of economic uncertainty persist, consumer confidence has rebounded from its spring dip; steady mortgage rates and improving buyer sentiment also could be setting the stage for a busy summer housing market.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) averaged 6.81%, a decrease of 3 basis points from last week’s average of 6.84%.
“Mortgage rates moved lower, with the average 30-year fixed rate reaching a four-week low,” said Sam Khater, Freddie Mac’s chief economist. “More available inventory to choose from, coupled with this week’s decline in mortgage rates, could be the spark to get potential homebuyers off the sidelines.”
Realtor.com Sr. Economic Research Analyst, Hannah Jones commented, “While home prices remain elevated, market conditions are gradually tilting in favor of buyers, thanks to rising inventory, longer time-on-market, and climbing price reductions.” But she highlighted differing circumstances in markets around the country. “This shift is far from uniform across the country,” she said. “In many Northeast and Midwest metros, limited supply and sustained buyer demand continue to create tight, competitive conditions, while many Southern metros see inventory levels far surpassing pre-pandemic norms, and falling home prices. The rental market remains a relative bright spot for cost-conscious households, with national rents continuing to decline year-over-year in May, offering welcome relief amid elevated for-sale home prices and mortgage costs.”
This week’s numbers
- The 30-year FRM averaged 6.81% as of June 18, 2025, down from last week when it averaged 6.84%. A year ago at this time, the 30-year FRM averaged 6.87%.
- The 15-year FRM averaged 5.96%, slightly down from last week when it averaged 5.97%. A year ago at this time, the 15-year FRM averaged 6.13%.
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