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Mortgage Rates Go Into Decline

The 30-year fixed-rate mortgage averaged 6.89% as of Feb. 6.

By Phil HallFebruary 6, 2025

The building blocks decrease from left to right as if they were going down a staircase.

Mortgage rates were down in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.89% as of Feb. 6, down from last week when it averaged 6.95%. A year ago at this time, it averaged 6.64%.

The 15-year fixed-rate mortgage averaged 6.05%, down from last week when it averaged 6.12%. A year ago at this time, it averaged 5.90%.

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