The 30-year fixed-rate mortgage fell for the third straight week, reaching an average of 6.89% as of Feb.6, down from last week’s average of 6.95%, according to Freddie Mac.

Interest rates in 2025 peaked at 7.04% for the week of Jan. 16. Since then, they have gradually decreased to the current level of 6.89%. One year ago this week, the 30-year rate was 6.64%.

The 15-year fixed-rate mortgage averaged 6.05%, down from last week’s average of 6.12%. A year ago this week, the average rate was 5.90%.

Freddie Mac’s Chief Economist Sam Khater said mortgage rates have begun to stabilize in the past few weeks.

“Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing,” Khater said. “Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market.”