The 30-year fixed-rate mortgage rose to 6.34%, up from 6.30% last week, though still below its 52-week average of 6.71%.
Nearly one in five homes across the U.S. saw a price reduction in September, with cuts most common in mid-tier listings between $350,000 and $500,000.
Economists say October 12–18 could be an especially favorable window for buyers as seasonal trends align with softer pricing and increased supply.
Just when home affordability was improving slightly, mortgage rates are rising again. Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.34% this week, the second consecutive week it has risen.
“The 30-year fixed-rate mortgage increased again this week but remains below its 52-week average of 6.71%,” said Sam Khater, Freddie Mac’s chief economist. “The last few months have brought lower rates, and as indicated by the recently reported increase in pending home sales, homebuyers are feeling more confident to get into the market.”
Current rates
The 30-year FRM averaged 6.34% as of October 2, 2025, up from last week when it averaged 6.30%. A year ago at this time, the 30-year FRM averaged 6.12%.
The 15-year FRM averaged 5.55%, up from last week when it averaged 5.49%. A year ago at this time, the 15-year FRM averaged 5.25%.
Despite the slight rise in mortgage rates, buyers are finding better conditions in some housing markets. In fact, nearly one in five homes across the U.S. had their prices reduced in September, signaling a shift in negotiating power toward buyers, according to Realtor.com’s latest Monthly Housing Trends report.
Inventory growth and buyer advantage
The report shows that 19.9% of listings saw price cuts last month — a modest increase of 1.2 percentage points compared with the same period a year ago. This trend, paired with rising housing inventory and homes lingering longer on the market, has opened the door for buyers to secure better deals this fall.
“September’s trends show a housing market increasingly tilting in buyers’ favor,” said Danielle Hale, chief economist at Realtor.com. “At the same time, our seasonal analysis indicates that the week of October 12–18 offers a particularly good window for buyers.”
Hale said market power varies across regions and price tiers, but in many areas, momentum is aligning with seasonal price cuts and other advantages, making this fall especially buyer-friendly relative to recent years.
Price reductions were most common among lower- and mid-tier homes. Listings priced between $350,000 and $500,000 saw the steepest share of reductions, with 21.6% of these homes cutting prices.
By contrast, luxury homes priced above $1 million were far less likely to see price adjustments, with just 13.3% of listings reduced. Analysts suggest luxury sellers are more inclined to wait for the right buyer rather than lower asking prices.