U.S. 30-year fixed-rate mortgage (FRM) averaged 6.50% as of September 4, 2025, down from last week when it averaged 6.56%. A year ago at this time, the 30-year FRM averaged 6.35%, according to Freddie Mac.
The 15-year FRM averaged 5.60%, down from last week when it averaged 5.69%. A year ago at this time, the 15-year FRM averaged 5.47%.
“Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October.”
