Mortgage rates dip again, 30-year average slips to 6.65% this week

Freddie Mac’s newest Primary Mortgage Market Survey indicated a second consecutive weekly decline in mortgage rates, with the 30-year fixed benchmark reaching 6.65% versus 6.67% the week before. The 15-year fixed rate also slipped slightly to 5.95% from 5.96%. Sam Khater, Freddie Mac’s chief economist, emphasized that modest rate reductions can translate into significant savings for homebuyers who compare offers.

He reminded that mortgage rates are influenced by factors such as Federal Reserve policy and geopolitical events, though they do not move directly with the Fed’s policy rate. Jake Krimmel, senior economist at Realtor.com, explained that the rates are closely tied to the 10-year Treasury yield, which hovered around 4.7% on Thursday. He cautioned that the current level may serve as a baseline, with potential upward pressure in the coming week amid market volatility.