15-year rate drops to 5.96%, still above 5.71% a year ago
Freddie Mac said Thursday that the average rate on the benchmark 30-year fixed mortgage fell to 6.67% this week, down from 6.69% the prior week, according to the mortgage buyer’s weekly survey. The move marked the first weekly decline in six weeks.
Despite the modest easing, borrowing costs remain steeper than they were a year ago. At this point in 2025, Freddie Mac reported the 30-year fixed mortgage rate averaging 6.58%.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, reducing the purchasing power of prospective homebuyers. That pressure has shown up in the housing market: U.S. sales of previously-occupied homes slowed in July as elevated borrowing costs continued to weigh on would-be buyers.
The 15-year fixed mortgage rate — often used by borrowers refinancing an existing home loan — also fell this week. That rate averaged 5.96%, down from 6.01% the prior week, according to Freddie Mac.
Like the 30-year rate, the 15-year rate remains higher than a year ago, when it averaged 5.71% at this point in 2025.