FILE-A home is listed for sale in Palo Alto, CA, U.S. (Michael Short/Bloomberg via Getty Images)
Mortgage rates are still stable after making a slight uptick despite unpredictability in the housing industry.
Freddie Mac reported in its Primary Mortgage Market Survey that the 30-year fixed-rate mortgage (FRM) increased this week to its highest level since February.
What are the current mortgage rates?
By the numbers:
The 30-year fixed-rate mortgage (FRM) averaged 6.89% as of May 29, 2025, up from last week when it averaged 6.86%. According to the Freddie Mac survey, at this time last year, the 30-year fixed-rate mortgage averaged 7.03%.
RELATED: Mortgage rates finally declining but may not go much lower
A 15-year fixed-rate mortgage averaged 6.03%, which is up from last week when it averaged 6.01%. A year ago, at this time, the 15-year FRM averaged 6.36%.
Consumer Affairs reported that the analysis suggests that mortgage rates will fall between 6.7% and 7.1% through early July. Some projections indicate an average rate of 6.96% by mid-June, with potential spikes climbing to 7.17%.
Mortgage rates may change based on certain factors
Why you should care:
Whether you’re a prospective homebuyer or current homeowner, there are several factors that might influence mortgage rates within the next six months with Consumer Affairs outlining the following:
- Federal Reserve Policy: The Federal Reserve is maintaining a cautious approach on interest rates based on inflation and economic uncertainty.
- Inflation Trends: Consumer Affairs reported that recent data shows a small decline in inflation to 2.3% year-over-year in April. But tariff-related price spikes could impact future inflation readings.
- Economic Growth and Employment: A strong labor market continues to support higher mortgage rates. However, any signs of economic slowdown or rising unemployment could prompt a reassessment of rate policies.
The Source: Information for this story was provided by Consumer Affairs, which cites Freddie Mac’s Primary Mortgage Market Survey related to mortgage rates. This story was reported from Washington, D.C.
