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Mortgage rates fall to lowest level of 2025
Americans frustrated by high home borrowing rates may have gotten some welcome news this week.
The average 30-year fixed mortgage rate dropped to 6.19% for the week ending October 23, down from 6.27% last week, according to Freddie Mac data released Thursday.
After years of sluggish activity, sidelined homebuyers may finally be ready to jump back in, with mortgage rates now at their lowest level in more than a year and home prices softening across many major metro areas.
âAt the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower,â Sam Khater, Freddie Macâs chief economist, said in a statement.
Most potential homebuyers expect mortgage rates to drop. That's why they're waiting
The majority of would-be homebuyers expect mortgage rates to continue their recent decline, and it's one of the main reasons why they're waiting to make a purchase, according to the findings of a new CNBC Housing Market Survey.
Rates have been creeping down over the last few months and are hovering around the lowest level in a year, with the average rate on the popular 30-year fixed loan now sitting at 6.17%, according to Mortgage News Daily. But nearly three-quarters of real estate agents surveyed by CNBC said most of their buyers think rates will come down further.
"My biggest challenge is when buyers hear predictions of future rate decreases, which in turn have buyers sit on the sidelines and wait to see how low they will go instead of getting out there and buying now," said Maureen States, a real estate agent in Pittsburgh.
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Mortgage and refinance interest rates today for October 27, 2025: Still lowest in more than a year
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Mortgage rates are mixed today. According to Zillow, the average 30-year fixed mortgage rate dropped four basis points to 6.09%, while the 15-year fixed rate is up seven basis points to 5.44%.
With rates at their lowest in more than a year, now could be a good time to buy a house.
MORE: Learn about the best mortgage lenders for low and no down payments.
Here are the current mortgage rates, according to the latest Zillow data: