Mortgage Rates Continue to Stay Under the 7% Threshold

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported in its Primary Mortgage Market Survey® that the 30-year fixed-rate mortgage (FRM) averaged 6.89% as of May 29, 2025, showing a slight increase from 6.86% last week, but lower than the 7.03% recorded a year ago. The 15-year FRM also saw a minor uptick to 6.03% from 6.01% last week, remaining below the previous year's rate of 6.36%.

Chief Economist Sam Khater emphasized the importance of rate shopping, suggesting potential borrowers could save thousands by obtaining multiple quotes. The survey focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit.

Positive

• 30-year FRM rates (6.89%) remain lower than a year ago (7.03%)
• 15-year FRM rates (6.03%) show significant improvement from last year (6.36%)
• Mortgage rates staying below the 7% threshold

Negative

• 30-year FRM increased from 6.86% to 6.89% week-over-week
• 15-year FRM rose from 6.01% to 6.03% compared to last week

MCLEAN, Va., May 29, 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 6.89%.

“This week, the 30-year fixed-rate mortgage rose slightly higher,” said Sam Khater, Freddie Mac’s Chief Economist. “Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.”

News Facts

• The 30-year FRM averaged 6.89% as of May 29, 2025, up from last week when it averaged 6.86%. A year ago at this time, the 30-year FRM averaged 7.03%.
• The 15-year FRM averaged 6.03%, up from last week when it averaged 6.01%. A year ago at this time, the 15-year FRM averaged 6.36%.

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:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38c03e9d-e3b5-4d79-b0e4-0ec743f05d13

FAQ

What is the current 30-year fixed mortgage rate for Freddie Mac (FMCC) as of May 29, 2025?

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.89% as of May 29, 2025.

How does the current FMCC 30-year mortgage rate compare to last year?

The current 30-year fixed-rate mortgage of 6.89% is lower than the rate of 7.03% recorded a year ago.

What is Freddie Mac's current 15-year fixed mortgage rate?

The 15-year fixed-rate mortgage averaged 6.03% as of May 29, 2025.

How have FMCC mortgage rates changed week-over-week?

Both rates increased slightly: the 30-year FRM rose from 6.86% to 6.89%, and the 15-year FRM increased from 6.01% to 6.03%.

What type of borrowers does Freddie Mac's PMMS survey focus on?

The survey focuses on conventional, conforming home purchase loans for borrowers who make a 20% down payment and have excellent credit.