Freddie Mac 30-year mortgage rate for the current week highest since February

Freddie Mac weekly mortgage rate in the U.S. have edged higher, with the average 30-year fixed-rate mortgage rising to 6.86% for the week ending May 22, 2025, up from 6.81% the previous week. This marks the highest level since mid-February, reflecting ongoing concerns over inflation and federal debt levels.

Although higher it is below the 2025 high at 7.04% and the high from 2024 at 7.22%. The 2023 high reached 7.79%.

The low over the last few years?

6.09% from September 2024. The low for 2025 reached 6.62% in the April week.

The 15-year fixed-rate mortgage also rose to 6.01% from 5.92% .

Affordability remains a significant challenge for many prospective buyers. Elevated mortgage rates, combined with high home prices, continue to dampen buyer activity, even as more listings become available .

Yesterday, for the week ending May 16, 2025, U.S. MBA mortgage applications declined by 5.1%, reversing the prior week’s 1.1% gain. The market index fell to 238.5 from 251.2, with both purchase applications and refinancing activity lower on the week. The purchase index dropped to 157.8 (from 166.5), and the refinance index declined to 682.5 (from 718.1).

Looking at the mortgage application index, it continues to waffle near the lows going back to 2004 with the more recent range between 165 and 296. The current value is at 238.50. The midipoint is 230.

Key Takeaways:

• 30-year fixed mortgage rate: 6.86% (up from 6.81% last week)

• 15-year fixed mortgage rate: 6.01% (up from 5.92%)

• Affordability challenges persist despite increased inventory

As the housing market navigates these developments, prospective buyers and industry stakeholders will be closely monitoring interest rate trends and policy decisions that could shape the landscape in the coming months.

This article was written by Greg Michalowski at www.forexlive.com.