Mortgage rates edge lower, remain near 7%
2025-02-07
Category: economic

Mortgage rates moved slightly lower this week, but long-term rates remain elevated in the upper-6% range. Freddie Mac&apos;s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.89% from last week&apos;s reading of 6.95%. The average rate on a 30-year loan was 6.64% a year ago.   &quot;Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage fell to 6.05% from 6.12% last week. One year ago, the rate on the 15-year fixed note averaged 5.9%.