Mortgage Rates Continue to Fall

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reports significant mortgage rate decreases in its latest Primary Mortgage Market Survey®. The 30-year fixed-rate mortgage dropped to 6.63% from 6.76% last week, marking the largest weekly decline since mid-September. This represents a decrease from 6.88% recorded a year ago.

The 15-year fixed-rate mortgage also decreased to 5.79% from 5.94% last week, down from 6.22% a year ago. According to Chief Economist Sam Khater, this rate decline enhances homebuyers' purchasing power and provides refinancing opportunities for existing homeowners. Notably, the refinance share of mortgage applications has reached nearly 44%, the highest level since mid-December.

Positive

• Largest weekly mortgage rate decline since mid-September
• Both 30-year and 15-year rates lower than previous year
• Refinance applications reach highest level (44%) since mid-December
• Increased purchasing power for potential homebuyers

Negative

• Mortgage rates still remain relatively high at 6.63% for 30-year FRM

MCLEAN, Va., March 06, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.63%.

“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” said Sam Khater, Freddie Mac’s Chief Economist. “The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.”

News Facts

• The 30-year FRM averaged 6.63% as of March 6, 2025, down from last week when it averaged 6.76%. A year ago at this time, the 30-year FRM averaged 6.88%.
• The 15-year FRM averaged 5.79%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year FRM averaged 6.22%.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Mollie Laniado
(571)382-1784
Mollie_Laniado@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bda51e7-b70d-4905-99d7-ee6c11126b86

FAQ

What are the current Freddie Mac (FMCC) mortgage rates as of March 2025?

The 30-year fixed-rate mortgage averaged 6.63%, while the 15-year fixed-rate mortgage averaged 5.79%.

How much did FMCC's 30-year mortgage rates drop in March 2025?

The 30-year fixed-rate mortgage dropped from 6.76% to 6.63%, representing the largest weekly decline since mid-September.

What is the current refinance share of mortgage applications according to FMCC?

The refinance share of mortgage applications reached nearly 44%, the highest level since mid-December.

How do FMCC's March 2025 mortgage rates compare to the previous year?

Current rates are lower year-over-year: 30-year FRM at 6.63% vs 6.88%, and 15-year FRM at 5.79% vs 6.22%.