Mortgage rates have fallen for the fifth consecutive week, reaching their lowest level since December but still hovering near 7%. According to Freddie Mac’s latest Primary Mortgage Market Survey, the average rate on a 30-year fixed mortgage dropped to 6.85%, down from 6.87% last week.
The stability in mortgage rates is seen as a positive trend for potential buyers and sellers as the spring homebuying season approaches. Chief economist Sam Khater notes that the 30-year fixed-rate mortgage has fluctuated by less than 20 basis points over the past five weeks, making it an attractive option for those considering purchasing or refinancing a home.
Additionally, rates on shorter-term mortgages also saw declines. The average rate on a 15-year fixed mortgage fell to 6.04%, down from 6.09% last week, while the one-year prior rate averaged 6.29%.
Source: https://www.foxbusiness.com/economy/mortgage-rates-february-20-2025