30-Year Mortgage Rate Continues Lower

Published March 7, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, March 6. The survey showed another decline in the 30-year fixed mortgage rates.

This week, the 30-year fixed mortgage rate averaged 6.63%, down from last week’s average of 6.76%. Last year at this time, the 30-year fixed mortgage rate averaged 6.88%.

The 15-year fixed mortgage rate averaged 5.79% this week, down from last week’s average of 5.94%. During the same week last year, the 15-year fixed mortgage rate averaged 6.22%.

"As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” said Freddie Mac’s Chief Economist, Sam Khater. "The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.”

Based on published national averages, the savings rate was 0.41% as of 2/18. The one-year CD averaged 1.80%.

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