Key takeaways
Mortgage rates dropped unexpectedly this week despite recent upward pressure from rising bond yields linked to tariff-driven market turmoil.
The average 30-year fixed-rate mortgage (FRM) fell to 6.81%, down from 6.83% last week and 7.17% a year ago, offering a potential boost to the housing market after a recent slump in home sales.
Rate stability is seen as a positive signal, with Freddie Mac’s chief economist noting limited fluctuations in mortgage rates over recent months, which could benefit both buyers and sellers.
Because of rising bond yields tied to tariff-induced market turmoil, mortgage rates have moved higher over the last couple of weeks. But in a surprise move, rates went down this week.
Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.81% this week.
“The average mortgage rate decreased slightly this week,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike.”
It could be very good news for the housing market, since the National Asssociation of Realtors just reported that sales of existing homes tumbled nearly 6% in March. An improvement in affordability could bring buyers back to the market.
Current rates
The 30-year FRM averaged 6.81% as of April 24, 2025, down from last week when it averaged 6.83%. A year ago at this time, the 30-year FRM averaged 7.17%.
The 15-year FRM averaged 5.94%, down from last week when it averaged 6.03%. A year ago at this time, the 15-year FRM averaged 6.44%.