“Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” said Freddie Mac’s chief economist Sam Khater. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.”

According to the report, the 30-year FRM averaged 6.19% as of October 23, 2025, down from the week prior, when it averaged 6.27%. A year ago at this time, the 30-year FRM averaged 6.54%. By comparison, the 15-year FRM averaged 5.44%, down from the previous week when it averaged 5.52%. A year ago at this time, the 15-year FRM averaged 5.71%.

The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit who put 20% down and have excellent credit. For more information, view Freddie Mac’s Frequently Asked Questions here.