The average 30-year U.S. mortgage rate eased to 6.56% from 6.58% last week, marking the lowest level in 10 months. The 15-year fixed rate remained unchanged at 5.69%. A year ago the 30-year averaged 6.35% and the 15-year averaged 5.51%. Elevated mortgage rates contributed to a housing slump that began in early 2022. The 30-year rate hovered near just above 7% in mid-January and has trended lower for six consecutive weeks. Economists generally expect the 30-year rate to stay in the mid-6% range this year.
The average rate on a 30-year U.S. mortgage slipped this week to its lowest level in 10 months, but remains close to where it's been in recent weeks. The long-term rate eased to 6.56% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.35%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, were unchanged from last week. The average rate held steady at 5.69%. A year ago, it was 5.51%, Freddie Mac said.
Elevated mortgage rates have added to a slump in the U.S. housing market that began in early 2022, when rates began climbing from pandemic lows. For much of the year, the average rate on a 30-year mortgage has hovered relatively close to its 2025 high of just above 7%, set in mid-January. It's has mostly trended lower six weeks in a row and is now at the lowest level since Oct. 24, when it averaged 6.54%.
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