Average U.S. 30-year fixed-rate conforming mortgage rates are 6.548% based on Optimal Blue locks through Aug. 27, with a two-basis-point daily increase and an eight-basis-point weekly decrease. Mortgage rates have largely remained near 6.5–7% for an extended period, with brief dips before some Federal Reserve meetings and in early April followed by rebounds. By January 2025 the 30-year average exceeded 7% for the first time since last May, a substantial rise from the 2.65% historic low in January 2021. Rates near 6% remain possible if inflation is contained and lender sentiment improves.
The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.548%, according to data available from mortgage data company Optimal Blue. That's up approximately 2 basis points from the prior day's report, and down approximately 8 basis points from a week ago. Read on to compare average rates for a variety of conventional and government-backed mortgage types and see whether rates have increased or decreased.
If it feels as though 30-year mortgage rates have been stuck on the verge of 7% for an extended period, that's not too far off. Many observers anticipated that rates would soften when the Federal Reserve started reducing the federal funds rate last September, but there was no sustained decrease in mortgage rates. There was a short-lived dip preceding the September Fed meeting, but rates rapidly climbed afterward.
By January 2025 the average rate on a 30-year, fixed-rate mortgage surpassed 7% for the first time since last May, as indicated by Freddie Mac data. That's a big jump from the historic average low of 2.65% recorded in January 2021, when the government was still working to stimulate the economy and ward off a pandemic-induced economic downturn. Absent another major crisis, experts agree we won't have mortgage rates in the 2% to 3% range in our lifetimes. Nevertheless, rates around the 6% mark are entirely possible if the U.S. manages to tame inflation and lenders feel optimistic about the economic prospects.
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