Mortgage Rates Decline Slightly In Weekly Survey

Mortgage rates experienced a slight decline this week, according to the latest data from Freddie Mac. The company’s Primary Mortgage Market Survey (PMMS) reveals that the 30-year fixed-rate mortgage averaged 6.89%, reflecting a slight decrease from the previous week's average of 6.95%.

“The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates have been stable over the last month, and incoming data suggest the economy remains on firm footing."

Despite higher rates compared to last year, as well as inventory stagnancy and record-high housing costs, stable rates suggest the housing market remains resilient. While affordability remains a challenge, the consistency in mortgage rates may provide an opportunity for potential buyers who have been waiting for more favorable conditions.

"Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market,” Khater added.

The 30-year FRM averaged 6.89% as of February 6, 2025, down from 6.95% last week. A year ago, the 30-year FRM averaged 6.64%. The 15-year FRM averaged 6.05%, a slight decrease from last week’s 6.12%. A year ago, the 15-year FRM stood at 5.90%.