The 30-year fixed rate mortgage (FRM) rate dipped slightly once again this week, averaging 6.85% as of February 20, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS). It’s the fifth week that the average 30-year FRM rate has declined.
Still, the rate hasn’t budged all that much, such that it’s been closer to flat than a more substantial turn downward. But, that could mean good things for both homebuyers and sellers, according to the GSE.
“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,” noted Sam Khater, Freddie Mac’s chief economist, in a release. “This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”
A year ago at this time, the 30-year FRM averaged 6.90%.
Meanwhile, the 15-year FRM rate averaged 6.04% as of February 20, down from last week when it averaged 6.09% and a sliver below its 6.05% average two weeks ago. A year ago at this time, the 15-year FRM averaged 6.29%, according to PMMS data.
Looking back at those mild up-then-down trends over the past 10 weeks, Freddie Mac’s survey showed the 30-year FRM rate averaged:
- 6.85% on Feb. 20, 2025;
- 6.87% on Feb. 13, 2025;
- 6.89% on Feb. 6, 2025;
- 6.95% on Jan. 30, 2025;
- 6.96% on Jan. 23, 2025;
- 7.04% on Jan. 16, 2025;
- 6.93% on Jan. 9, 2025;
- 6.91% on Jan. 2, 2025;
- 6.85% on Dec. 26, 2024; and
- 6.72% on Dec. 19, 2024.
The 15-year FRM rate averaged:
- 6.04% on Feb. 20, 2025;
- 6.09% on Feb. 13, 2025;
- 6.05% on Feb. 6, 2025;
- 6.12% on Jan. 30, 2025;
- 6.16% on Jan. 23, 2025;
- 6.27% on Jan. 16, 2025;
- 6.14% on Jan. 9, 2025;
- 6.13% on Jan. 2, 2025;
- 6.0% on Dec. 26, 2024; and
- 5.92% on Dec. 19, 2024.
Freddie Mac notes that the PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.
