Mortgage rates continued dropping for the sixth week in a row as the average 30-year fixed-rate mortgage fell to 6.76% as of Feb. 27, down from last week’s average of 6.85%.
Rates are also below the average of 6.94% from one year ago. The 15-year fixed-rate mortgage averaged 5.94%, down from last week’s 6.04%. A year ago, at this time, the 15-year rate averaged 6.26%.
“This week, mortgage rates decreased to their lowest level in over two months,” said Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home.”
Mortgage rates in 2025 peaked during the week of Jan. 16, when the average rate reached 7.04%. Since then, rates have fallen gradually each of the past six weeks to the current average of 6.76%.
