30-Year Mortgage Averaging 6.89%

 Freddie Mac today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.89%.

“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.”

• 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 PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.