Mortgage Rates Trend Down

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a slight decrease in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.85%, down from 6.87% last week and 6.90% a year ago. The 15-year FRM decreased to 6.04% from 6.09% last week, compared to 6.29% a year ago.

According to Sam Khater, Freddie Mac's Chief Economist, the 30-year fixed-rate mortgage has remained below 7% for five consecutive weeks, with fluctuations less than 20 basis points. This stability is viewed as positive for potential buyers and sellers as the spring homebuying season approaches.

Positive

• Mortgage rates showed a slight decrease week-over-week
• 30-year FRM rates are lower than the previous year (6.85% vs 6.90%)
• 15-year FRM rates decreased significantly year-over-year (6.04% vs 6.29%)
• Rate stability maintained below 7% for five consecutive weeks

Negative

• Mortgage rates remain historically elevated above 6%

MCLEAN, Va., Feb. 20, 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 6.85%.

“Mortgage rates decreased slightly this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”

News Facts

• The 30-year FRM averaged 6.85% as of February 20, 2025, down from last week when it averaged 6.87%. A year ago at this time, the 30-year FRM averaged 6.90%.
• The 15-year FRM averaged 6.04%, down from last week when it averaged 6.09%. A year ago at this time, the 15-year FRM averaged 6.29%.

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

FAQ

What is the current 30-year fixed-rate mortgage rate for Freddie Mac (FMCC)?

As of February 20, 2025, Freddie Mac's 30-year fixed-rate mortgage averaged 6.85%, down from 6.87% the previous week.

How has FMCC's 15-year fixed-rate mortgage changed compared to last year?

The 15-year FRM averaged 6.04%, showing a significant decrease from 6.29% a year ago.

How long has FMCC's 30-year mortgage rate stayed below 7%?

The 30-year fixed-rate mortgage has remained below 7% for five consecutive weeks, with fluctuations less than 20 basis points.

What is the year-over-year change in FMCC's 30-year mortgage rates?

The 30-year FRM rate of 6.85% represents a slight decrease from 6.90% a year ago.

How stable have FMCC's mortgage rates been in recent weeks?

According to the report, rates have been stable with fluctuations of less than 20 basis points over the past five weeks.