Mortgage Rates Remain Under Seven Percent

Rhea-AI Summary

Freddie Mac (FMCC) reported that the 30-year fixed-rate mortgage (FRM) averaged 6.81%, marking the 17th consecutive week below 7%. This represents a slight increase from last week's 6.76% but remains lower than the 7.02% recorded a year ago. The 15-year FRM averaged 5.92%, up from last week's 5.89% and down from 6.28% a year ago.

According to Chief Economist Sam Khater, the stable mortgage rates combined with moderately increasing inventory are attracting homebuyers, with purchase application activity up 18% compared to last year. The survey focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit.

Positive

• Mortgage rates remain below 7% for 17 consecutive weeks
• Purchase application activity increased 18% year-over-year
• Both 30-year and 15-year FRM rates are lower compared to previous year
• Moderately rising inventory is helping attract homebuyers

Negative

• 30-year FRM increased to 6.81% from 6.76% week-over-week
• 15-year FRM increased to 5.92% from 5.89% week-over-week

MCLEAN, Va., May 15, 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 6.81%.

"The 30-year fixed-rate mortgage remained below the 7% threshold for the 17th consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Stable mortgage rates coupled with moderately rising inventory are attracting homebuyers into the market, with purchase application activity up 18% from last year.”

News Facts

• The 30-year FRM averaged 6.81% as of May 15, 2025, up from last week when it averaged 6.76%. A year ago at this time, the 30-year FRM averaged 7.02%.
• The 15-year FRM averaged 5.92%, up from last week when it averaged 5.89%. A year ago at this time, the 15-year FRM averaged 6.28%.

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/abb8bc60-31aa-4923-b69d-3a306be370a1

FAQ

What is FMCC's current 30-year fixed mortgage rate as of May 15, 2025?

Freddie Mac's 30-year fixed-rate mortgage averaged 6.81% as of May 15, 2025.

How does FMCC's current mortgage rate compare to last year?

The current 30-year FRM rate of 6.81% is lower than the 7.02% recorded a year ago.

What is the current 15-year fixed mortgage rate for Freddie Mac?

Freddie Mac's 15-year fixed-rate mortgage averaged 5.92% as of May 15, 2025.

How has mortgage application activity changed according to Freddie Mac?

Purchase application activity is up 18% compared to last year, driven by stable rates and moderately rising inventory.

How long have FMCC's mortgage rates stayed below 7%?

The 30-year fixed-rate mortgage has remained below 7% for 17 consecutive weeks.