U.S. Mortgage Rates Ease as 30-Year Average Falls to 6.30%, Says Freddie Mac
Freddie Mac (OTCQB: FMCC) announced on Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.30%, slightly lower than 6.34% recorded the previous week.
The 15-year fixed-rate mortgage also declined, averaging 5.53%, compared to 5.55% a week earlier, according to data from Freddie Mac’s Primary Mortgage Market Survey.
Freddie Mac: Mortgage Rates Hit Lowest Level in a Year
“Mortgage rates decreased this week,” said Sam Khater, Chief Economist at Freddie Mac. He noted that rates have now stabilized at their lowest level in nearly a year, giving homebuyers renewed confidence.
According to Khater, there is growing evidence that buyers are responding positively to these lower borrowing costs, which is boosting home purchase activity across the U.S. housing market.
Comparison With Last Year
The current 30-year mortgage rate marks a slight decline compared to the same period in 2024, when it averaged 6.32%. However, the 15-year FRM rate remains above last year’s level of 5.41%.
Housing Market Responds to Lower Rates
The recent dip in rates appears to be stimulating buyer demand. Mortgage applications and home purchase activity have shown signs of improvement, as buyers take advantage of more favorable lending conditions.
Economists expect the housing market to gain further momentum if rates continue to hold near current levels.
