Just in time for the spring homebuying season, interest rates are reaching their lowest level in months. Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.65% this week.
A year ago at this time, the average 30-year fixed rate mortgage rate was 6.79%. Since then it has been as high as 7%.
“The 30-year fixed-rate mortgage ticked down by two basis points this week,” said Sam Khater, Freddie Mac’s chief economist, in a statement accompanying the survey’s release. “Recent mortgage rate stability continues to benefit potential buyers this spring, as reflected in the uptick in purchase applications.”
New rates
The 30-year FRM averaged 6.65% as of March 27, 2025, down from last week when it averaged 6.67%. A year ago at this time, the 30-year FRM averaged 6.79%.
The 15-year FRM averaged 5.89%, up from last week when it averaged 5.83%. A year ago at this time, the 15-year FRM averaged 6.11%.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.