Freddie Mac’s Primary Mortgage Market Survey, published Thursday, recorded a modest uptick in U.S. mortgage rates this week. The 30-year fixed-rate mortgage averaged 6.46%, edging up from 6.38% one week earlier. A year ago the 30-year rate stood at 6.64%.
The 15-year fixed-rate mortgage also rose slightly, averaging 5.77% compared with 5.75% in the prior week. That rate was 5.82% a year earlier.
Sam Khater, Freddie Mac’s Chief Economist, said the spring homebuying season is in full swing. He advised prospective buyers to shop around for the best mortgage rate, stating they can potentially save thousands of dollars by obtaining multiple quotes. That counsel highlights the potential value of rate shopping even as average rates move incrementally.
These weekly averages from Freddie Mac offer a snapshot of prevailing mortgage costs across the market. The data show a small week-over-week increase for both the 30-year and 15-year fixed products, while the year-ago comparisons indicate the 30-year rate is modestly lower than last year and the 15-year rate is slightly below its year-earlier level.
For borrowers and industry participants, the survey underscores two concurrent realities: mortgage costs are responding to current market dynamics with small directional changes, and consumer behavior - specifically shopping for multiple quotes - can materially affect the effective borrowing cost. The survey itself does not provide forward guidance beyond the reported averages, and it does not specify how long the current seasonal pattern may last.
Summary
Freddie Mac reported this week that the 30-year fixed mortgage averaged 6.46% and the 15-year averaged 5.77%, both up slightly from the prior week. Freddie Mac’s chief economist noted the spring buying season is active and recommended that prospective buyers obtain multiple rate quotes to potentially save thousands.