Mortgage rates saw little movement this week, reflecting a overall market pause related to the government shutdown these past weeks and related uncertainty, economists say.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) moved up 2 basis points this week to 6.24% from last week’s average of 6.22%. This continues to represent a range much lower than a year ago at this time.
“Rates for the 30-year and the 15-year fixed-rate mortgage essentially remained flat this week, but we did see purchase activity increase, which is encouraging,” said Sam Khater, Freddie Mac’s chief economist.
Realtor.com Senior Economist Anthony Smith said, “The housing market’s main challenge is now the lagged rebound following the government shutdown, creating continued friction in the immediate post-reopening period. The return to normal operations will be slow, as agencies critical to the mortgage process, such as the Federal Housing Administration (FHA) and the U.S. Department of Agriculture (USDA) Rural Housing, will be working through weeks of accumulated file backlogs, delaying transactions for days or weeks.
For context he said for every day the government was shut down, there will likely be a comparable delay for an agency to clear its queue fully.
“The current funding agreement…is best viewed as a time-out, not a solution, as the Continuing Resolution (CR) expires on January 30, ensuring that fiscal uncertainty will resurface in the new year,” Smith said, noting the positive for veterans that VA loans received full-year funding certainty, providing greater stability for one of the most beneficial mortgage products on the market, which can unlock homeownership years sooner due to its 0% down payment feature.
“This stability contrasts with the broader market, which continues to struggle with affordability, prompting discussions of non-traditional solutions, such as the 50-year mortgage, a proposal that risks driving up home prices by boosting demand without increasing supply.”
At a glance
- The 30-year FRM averaged 6.24% as of November 13, 2025, up from last week when it averaged 6.22%. A year ago at this time, the 30-year FRM averaged 6.78%.
- The 15-year FRM averaged 5.49%, down slightly from last week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 5.99%.
For the full report, click here.
