• 📉 30-year fixed-rate mortgage: 6.19% (lowest since Oct. 2024)
• 📉 15-year fixed-rate mortgage: 5.44%
• 🔁 Refinance demand: +81% YoY
• 🏠 Existing home sales: +1.5% in Sept

Mortgage Market Snapshot

By Randy Jenkins
Published October 23, 2025, 4:10 PM ET

Mortgage rates sank further this week – hitting their lowest average since October 2024.

As of Thursday, the 30-year, fixed-rate mortgage averaged 6.19%, according to mortgage giant Freddie Mac. That’s down from last week’s 6.27% and the same week a year ago, when the average was 6.54%.

The last time the 30-year, fixed-rate average was lower than today was on Oct. 3 last year.

The 15-year, fixed-rate mortgage also decreased, averaging 5.44%. That’s lower than the 5.52% average last week and the 5.71% average from this time last year.

Daily measures of mortgage rates, typically more volatile than averages, were holding steady as of the latest update Wednesday afternoon. The 30-year, fixed-rate mortgage was unchanged from the previous day at 6.17%, while the 15-year fixed-rate mortgage had inched 0.02 percentage points lower to 5.73%.

While it’s a positive sign that rates are holding in a narrow range, the risk of forthcoming volatility remains, especially given the lack of official data on the economy. Without that data informing investors, the bond market – and in turn the mortgage market – has been left with little to work with.

“These market movers would normally be operating in the background – perhaps not even meriting discussion – but the dearth of data and the generally narrow range make their effects more noticeable,” said Matthew Graham, COO of Mortgage News Daily.

He added, “It may take some more convincing in the form of data or other events to motivate additional improvement.”

Demand for Mortgages Rebounds

Some borrowers are jumping on the opportunity to lock in lower mortgage rates.

📈 Data from the Mortgage Bankers Association shows that for the week ending Oct. 17, refinance applications surged 81% compared to the same week in 2024. Purchase applications were up 20% year-over-year.

“The lowest mortgage rates in a month spurred an increase in refinance activity,” said Joel Kan, vice president and deputy chief economist at MBA. “Borrowers remain attentive to these opportunities to lower their monthly mortgage payment.”

🏘️ The National Association of Realtors also reported a 1.5% increase in pre-owned home sales for September, reaching a 7-month high. The group credits falling mortgage rates for the rise, according to Chief Economist Lawrence Yun.

The MBA is forecasting an 8% increase in mortgage volume in 2026, thanks to improving rates and rising buyer activity.

30-Year Fixed Mortgage Rate Trend (Last 12 Months)

The chart above shows the steady decline in mortgage rates since late 2024, with the most recent average at 6.19% - the lowest point in over a year.

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