Mortgage Rates Continue to Decline

Core Insights - Freddie Mac reported a decline in the average 30-year fixed-rate mortgage (FRM) to 6.76% as of May 1, 2025, down from 6.81% the previous week and significantly lower than 7.22% a year ago [1][5] - The 15-year FRM also decreased to 5.92%, compared to 5.94% last week and 6.47% a year ago [5] Summary by Category Mortgage Rates - The 30-year FRM averaged 6.76% as of May 1, 2025, reflecting a downward trend in mortgage rates [1][5] - The 15-year FRM averaged 5.92%, indicating a slight decrease from the previous week [5] Historical Comparison - The current 30-year FRM is lower than the first quarter average of 6.83% [1] - Year-over-year, the 30-year FRM has decreased from 7.22% to 6.76%, while the 15-year FRM has dropped from 6.47% to 5.92% [5] Freddie Mac's Role - Freddie Mac aims to enhance liquidity, stability, and affordability in the housing market, having assisted millions of families since its inception in 1970 [2]