SUSAN KOSCHALK June 6, 2025
After weeks of staying relatively flat, mortgage rates in the U.S. saw a modest drop this week, providing a slight but welcome breather for homebuyers and homeowners considering refinancing.
According to data released Thursday (6/5/25) by Freddie Mac, the average 30-year fixed mortgage rate fell to 6.85%, down from 6.89% the previous week. While the decrease is slight, it marks the first decline in a month. For context, this same time last year, 30-year rates averaged 6.99%, showing a modest improvement year-over-year.
The 15-year fixed-rate mortgage, a popular option among homeowners looking to refinance, also saw a small decrease. The average rate dropped to 5.99% from 6.03% last week, and is down from 6.29% a year ago.
What's Driving Mortgage Rate Movement?
Mortgage rates are shaped by a complex mix of factors including Federal Reserve policies, inflation data, and bond market activity - particularly the 10-year Treasury yield, which serves as a benchmark for many lending institutions when pricing home loans.
The 10-year Treasury yield declined to 4.38% this week, down from 4.54% just a week prior. This drop reflects recent shifts in investor sentiment, influenced by growing concerns over federal debt and economic policy uncertainty.
While rates remain well above historic lows, these recent movements suggest that economic factors are still creating room for fluctuation - giving buyers and refinancers a window of opportunity to lock in more favorable terms.
What this means for you
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