Overview

• The average rate for 30-year fixed mortgages has dropped to 6.81%, the lowest level in weeks, continuing a recent downward trend.
• Refinance rates for 30-year fixed loans remain steady at 6.94%, marking their lowest point since mid-March 2025.
• Fannie Mae projects a gradual decline in 30-year mortgage rates to 6.3% by the end of 2025, with limited additional reductions expected in 2026.
• The Federal Reserve held the federal funds rate steady during its latest meeting, with limited expectations for further cuts this year.
• State-level variations in refinance rates persist, with the lowest averages reported in states like California and New York and the highest in Hawaii and Massachusetts.