March 7, 2025

Mortgage rates fall for a seventh consecutive week

Mortgage rates continue falling, this week seeing their lowest weekly drop since September, Freddie Mac reported, providing incentives for both purchase and refinance activity as the spring market approaches.

According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.63% this week, down from last week’s 6.76%. A year ago at this time, the average 30-year fixed rate mortgage was 6.88%.

The 15-year FRM averaged 5.79%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year FRM averaged 6.22%.

“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. 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.”

 Sam Khater, Freddie Mac’s chief economist