The 30-year fixed-rate mortgage averaged 5.98% in today’s Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). This is down from last week when it averaged 6.01%. A year ago at this time, it averaged 6.76%.
“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week’s milestone,” said Sam Khater, Freddie Mac’s chief economist. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season.”
Freddie Mac also reported the 15-year fixed-rate mortgage averaged 5.44%, up from last week when it averaged 5.35%. A year ago at this time, it averaged 5.94%.
Separately, the Mortgage Bankers Association (MBA) reported the national median payment applied for by purchase applicants increased in January to $2,070 from $2,025 in December but was down from $2,225 in January 2025. The national median mortgage payment for FHA loan applicants was $1,782 in January, down from $1,802 in December and down from $1,934 in January 2025.
Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America, observed, “While the median purchase application amount rose from $320,000 to $332,000, mortgage rates declined over the month. With mortgage rates mostly trending downward, and home-price growth flat or down in many markets, affordability conditions should improve in the months ahead as housing inventory increases.”
