Mortgage rates continue to trend lower as the spring homebuying season approaches. Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.85% this week.
“Mortgage rates decreased slightly this week,” said Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”
Average rates
The 30-year FRM averaged 6.85% as of February 20, 2025, down from last week when it averaged 6.87%. A year ago at this time, the 30-year FRM averaged 6.90%.
The 15-year FRM averaged 6.04% this week, down from last week when it averaged 6.09%. A year ago at this time, the 15-year FRM averaged 6.29%.
But home prices continue to rise in most U.S. metros, suggesting rates need to fall even more before buyers are drawn back to the market. The Mortgage Bankers Association reports purchase applications rose in January from December but were 6% lower than in January 2024.
br>