Mortgage Rates Drop, But Still Near 7% Mark

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped slightly, but are still near the 7 percent mark, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.89% as of February 6, 2025, down from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.64%.

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

"The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%," said Sam Khater, Freddie Mac's Chief Economist. "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."