While mortgage rates have remained elevated in recent weeks, it appears the recent potentially market-shifting events such as the announcement then pause of tariffs, have had little to no effect on them. This week they continued to edge down from last week’s 6.95% average to 6.89% average, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday.

“The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing. 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.”

Realtor.com Sr. Economic Research Analyst Hannah Jones commented, “The recent announcement of, then pause in, tariffs had the potential to jostle the market confidence, which could have negatively impacted mortgage rates, but the timing managed to keep things rather uneventful.  “The 10-year treasury moved lower over the last couple of weeks, which allowed mortgage rates to fall as well,” Jones added. “Nevertheless, for the time being, near-7% mortgage rates, stubborn home prices, and general economic uncertainty mean that many would-be home shoppers are staying on the sidelines.” 

Jones also pointed to incoming data, including Friday’s jobs report, will be important for mortgage rates as markets look for indications of cooling inflation and employment.

This week’s numbers:

• The 30-year FRM averaged 6.89% as of February 6, 2025, down from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.64%.
• The 15-year FRM averaged 6.05%, down from last week when it averaged 6.12%. A year ago at this time, the 15-year FRM averaged 5.90%.

For the full report, click here. 

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