The average rate on a 30-year fixed-rate mortgage in the U.S. fell to 6.65% this week, down from 6.67% the prior week, according to data released Thursday by Freddie Mac.
The 15-year fixed-rate mortgage averaged 5.95%, down from 5.96% a week earlier. Both declines follow a period of relative stability in mortgage rates, which have fluctuated within a narrow band in recent weeks.
Compared with a year ago, the 30-year rate stands at 6.58%, while the 15-year rate is higher than the 5.69% recorded in the same period last year. Freddie Mac’s survey tracks conventional, conforming loans with 20% down payments and excellent credit profiles.
Sam Khater, Freddie Mac’s chief economist, noted that the modest decline in rates offers some relief to prospective homebuyers. "With a dip in rates providing modest relief for homebuyers, it's important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate," Khater said.
The Primary Mortgage Market Survey, which compiles the data, reflects market conditions as of Thursday and is based on responses from lenders across the country.
Mortgage rates remain elevated relative to pre-2022 levels, continuing to weigh on housing affordability amid a persistent shortage of available homes for sale.
