As of May 8, the 30-year fixed-rate mortgage (FRM) averaged 6.76%, remaining unchanged from the previous week and down from 7.09% a year ago.
The 15-year FRM dropped slightly to 5.89%, compared to 5.92% last week and 6.38% a year earlier.
Freddie Mac Chief Economist Sam Khater noted that stable and lower mortgage rates have led to a rise in home purchase applications.
Early April bond market turmoil ended a decline in mortgage rates but that now appears to be in the rearview mirror. After a couple of declines in mortgage rates, Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.76% this week.
“Mortgage rates stayed flat this week,” said Sam Khater, Freddie Mac’s chief economist, in a statement.
“At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.”
Current rates
The 30-year FRM averaged 6.76% as of May 8, 2025, unchanged from last week. A year ago at this time, the 30-year FRM averaged 7.09%.
The 15-year FRM averaged 5.89%, down from last week when it averaged 5.92%. A year ago at this time, the 15-year FRM averaged 6.38%.
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