Mortgage Rates Records Larges Weekly Drop Since Mid-September

(RTTNews) - Mortgage rates, or interest rates on home loans, continue to fall and recorded the largest weekly drop since mid-September, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.63% as of March 6, 2025, down from last week when it averaged 6.76%. A year ago at this time, the 30-year FRM averaged 6.88%.

The 15-year FRM averaged 5.79%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year FRM averaged 6.22%.

"As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September," said Sam Khater, Freddie Mac's Chief Economist. "The decline in rates increases prospective homebuyers' purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December."