The most recent Primary Mortgage Market Survey® (PMMS®) by Freddie Mac reveals that the average rate for a 30-year fixed-rate mortgage (FRM) is currently at 6.65%. This indicates a slight increase of just 2 basis points from the previous week’s average of 6.63%.

Current Market Insights

According to Sam Khater, Freddie Mac’s chief economist, “Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week.” Khater emphasized that current mortgage rates, despite being higher than historical lows, are relatively subdued compared to rates seen in recent months. In fact, purchase applications have increased by 5% compared to the same period last year, signaling a positive response from homebuyers. This uptick is attributed to a combination of modestly lower mortgage rates and an improvement in housing inventory, especially relevant as we enter the crucial spring buying season.

Future Projections

Joel Berner, Senior Economist at Realtor.com, noted that there is potential for some relief in mortgage rates following a recent consumer inflation report that was better than anticipated. “Going forward, we may see a bit more relief from mortgage rates,” Berner stated, given the stabilization of prices across the economy. However, he cautioned that while the Federal Reserve is cautious about immediate rate cuts, a slowdown in inflation could provide some flexibility for reducing rates over time.

Berner also mentioned that while current rates are lower than they were one year prior, it remains uncertain whether this will be sufficient to encourage hesitant buyers. Nevertheless, there are indications that the spring buying season in 2025 could be more robust than in 2024. Notable trends include:

• Increased for-sale inventory
• Decreased median listing prices
• Homes staying longer on the market
• A rise in sellers reducing their prices

Current Mortgage Rate Statistics

As of March 13, 2025, the mortgage rates are as follows:

• 30-year FRM: 6.65% (up from 6.63% last week; down from 6.74% a year ago)
• 15-year FRM: 5.80% (up from 5.79% last week; down from 6.16% a year ago)