Mortgage Rates Stay Below 7% for Prime Borrowers

Last Thursday Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.81%.

The survey is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

"The 30-year fixed-rate mortgage remained below the 7% threshold for the 17th consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Stable mortgage rates coupled with moderately rising inventory are attracting homebuyers into the market, with purchase application activity up 18% from last year.”

Rates

• The 30-year FRM averaged 6.81% as of May 15, 2025, up from the prior week when it averaged 6.76%. A year ago at this time, the 30-year FRM averaged 7.02%.
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• The 15-year FRM averaged 5.92%, up from the prior week when it averaged 5.89%. A year ago at this time, the 15-year FRM averaged 6.28%.