US Mortgage Rates Drop to Over 1-Year Low

2025-10-23 16:06 By Felipe Alarcon 1 min. read

The average rate on a 30-year fixed mortgage eased to 6.19% as of October 23rd, 2025, down from 6.27% in the previous week and marking the third straight weekly decline to the lowest in over a year, according to a survey of lenders by mortgage giant Freddie Mac.

“Mortgage rates continued to trend down this week, hitting their lowest level in over a year.

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,” said Sam Khater, Freddie Mac’s chief economist.



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