It marks the second consecutive week of modest increases
The average United States 30-year fixed mortgage rate inched higher to 6.24% this week, according to Freddie Mac’s latest Primary Mortgage Market Survey. It marks the second consecutive week of modest increases.
While the uptick was slight—just two basis points from last week’s 6.22%—it keeps rates hovering near their lowest levels of the year, a trend that has persisted since early November.
“Rates for the 30-year and the 15-year fixed-rate mortgage essentially remained flat this week, but we did see purchase activity increase, which is encouraging,” Sam Khater, chief economist at Freddie Mac, said.
The 15-year fixed-rate mortgage slipped to 5.49% from 5.50% last week, offering a modest reprieve for homeowners considering refinancing.
Mortgage rates have been stuck above 6% since September 2022, after a rapid climb from pandemic-era lows.
The current 30-year average is lower than last year’s 6.78%, but it’s still tough for many buyers since higher mortgage rates mean they can afford less.
Experts say rates are shaped by things like the Federal Reserve’s decisions and changes in the 10-year Treasury yield, which rose to 4.10% this week.
Even with rates staying high, home loan applications rose nearly 6% last week—the busiest since September, the Mortgage Bankers Association said. Refinancing applications made up about 56% of all mortgage applications last week, a slight dip from the previous week but still robust.
The housing market has struggled under the weight of higher borrowing costs, with sales of previously occupied homes hitting a three-decade low last year.
However, existing-home sales posted a 1.5% gain in September, reaching a seasonally adjusted annual rate of 4.06 million units. It's the highest since February, suggesting that even modest rate declines can spur activity among both buyers and refinancers.
Meanwhile, nearly eight in 10 US metro areas saw home prices rise in the third quarter of 2025, as the market continued to grapple with affordability pressures and uneven regional trends.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
