Mortgage Rates Dip as The Spring Market Approaches

Mortgage Rates Dip as The Spring Market Approaches

Harbor Island Park, Mamaroneck

The U.S. housing market is experiencing a slight easing in mortgage rates, offering a glimmer of hope for prospective buyers as the spring selling season approaches. Today, the average 30-year fixed mortgage rate hit a new low for 2025, dropping to 6.70%. Additionally,

• Refinance activity hit its fastest pace since October 2024.

• Mortgage applications increased 9% week-over-week, up 2% from last year.

• Property tours are up 25% from the start of the year, according to Redfin.

Ralph’s Take

Mortgage rates have shown stability, a promising sign for both buyers and sellers as we head into the spring market. After seven consecutive weeks of decline, the 30-year fixed mortgage rate is down from 7.07% at the start of the year. With lower rates and increased mortgage applications, the spring homebuying season could be strong. Looking Ahead: Fannie Mae forecasts that 30-year fixed rates will average 6.8% this year, gradually dipping to 6.6% by the end of 2025.