As the spring home buying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.
Primary Mortgage Market Survey®
U.S. weekly averages as of 03/06/2025:
30-Yr Fixed Rate Mortgages 6.63%
5-Yr Fixed Rate Mortgages 5.79%
Source: Freddie Mac