30-Year Fixed-Rate Mortgage Averages 6.63%

Freddie Mac says the average 30-year fixed-rate mortgage last week was 6.63%. That's down from the previous week's 6.69%, but up slightly from the 6.09% last year at this time. 

“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” Freddie Mac's Chief Economist Sam Khater said.

The trend is going in the right direction. 

“Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead," Khater said. 

Last week the 15-year fixed-rate averaged 5.94%, which is down from last week's 5.96%, but up from last year's 5.14%. 

"This change does not make a measurable difference in the monthly mortgage payment for a buyer -- just $13 for a $400,000 home with 20% down. But what is clear for buyers, and what should be encouraging, is rates are down considerably from October 2023 and have been steady for seven consecutive weeks," Jessica Lautz, deputy chief economist and vice president of the National Association of Realtors, said. 

She tried to offer some perspective-- saying that while it's not near the 2020 and 2021 lows, it is lower than the historical norm from 1971 which was 7.74%.