Mortgage Rates Hold Steady in Late July Says Freddie Mac
The average rate on a 30-year fixed mortgage in the United States held nearly flat this week, reflecting ongoing stability in borrowing costs amid a broadly resilient macroeconomic environment.
According to Freddie Mac’s latest Primary Mortgage Market Survey, released July 24, 2025, the benchmark 30-year fixed-rate mortgage averaged 6.74%, a marginal decline from 6.75% the previous week. On a year-over-year basis, the rate is down four basis points from the 6.78% recorded at this time in 2024, signaling a modest retreat in borrowing costs over the past 12 months.
Sam Khater
“The 30-year fixed mortgage rate was effectively unchanged this week, holding at 6.74%,” said Sam Khater, Chief Economist at Freddie Mac. “Despite ongoing rate volatility and a historically elevated interest rate environment, the housing market continues to be supported by a healthy labor market, steady income gains, and continued consumer spending. These fundamentals are providing a positive backdrop for housing demand heading into the second half of the year.”
Meanwhile, the 15-year fixed-rate mortgage–often favored by homeowners looking to refinance–fell five basis points to 5.87%, down from 5.92% the previous week. This represents a notable improvement from the same period last year, when the 15-year rate stood at 6.07%.
The relatively stable movement in mortgage rates follows recent economic indicators showing continued momentum in the labor market, a gradual cooling of inflation, and rising consumer confidence. Market participants are closely watching the Federal Reserve’s next steps, as investors anticipate whether policymakers will shift toward rate cuts in late 2025 or maintain their current tightening stance.
Despite high mortgage rates compared to pre-pandemic levels, home price appreciation has remained resilient, especially in key metro areas with persistent supply constraints. However, affordability pressures remain a headwind for first-time buyers, many of whom are waiting on either lower rates or more favorable pricing before entering the market.
Freddie Mac Weekly Mortgage Rate Snapshot – July 24, 2025
- 30-Year Fixed-Rate Mortgage (FRM): 6.74%
– down slightly from 6.75% last week; 6.78% a year ago - 15-Year Fixed-Rate Mortgage (FRM): 5.87%
– down from 5.92% last week; 6.07% a year ago
Freddie Mac’s survey reflects rates offered to well-qualified borrowers and is based on thousands of applications from lenders across the country. It serves as a key barometer for both housing affordability and broader credit conditions in the U.S. economy.
