Mortgage rates drop to lowest level in over a year as buyers regain leverage

Mortgage rates dropped this week to their lowest level in more than a year, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage decreased to 6.19% from last week's reading of 6.27%.

The average rate on a 30-year loan was 6.54% a year ago.

"At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower," said Sam Khater, Freddie Mac’s chief economist. "This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week."

The average rate on the 15-year fixed mortgage fell to 5.44% from last week's reading of 5.52%.

One year ago, the rat