Mortgage rates are continuing to drop, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.19% as of Oct. 23, down from last week when it averaged 6.27%. A year ago at this time, it averaged 6.54%.
The 15-year fixed-rate mortgage averaged 5.44%, down from last week when it averaged 5.52%. A year ago at this time, it averaged 5.71%.
“Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” said Sam Khater, Freddie Mac’s chief economist. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.”
