Mortgage rates improved for the second straight week according to new Freddie Mac data, showing a continued lean toward a more affordable market in the fast approaching 2026.

The latest Primary Mortgage Market Survey® found that the 30-year fixed rate mortgage (FRM) averaged 6.19%, down from last week when it averaged 6.23%. A year ago at this time, the 30-year FRM averaged 6.69%.

Sam Khater, Freddie Mac’s Chief Economist, noted that “compared to this time last year, mortgage rates are half a percent lower, creating a more favorable environment for homebuyers and homeowners.” Additionally, the 15-year FRM averaged 5.44%, down from last week when it averaged 5.51%. A year ago at this time, the 15-year FRM averaged 5.96%.

The Federal Reserve’s next meeting is widely awaited as many in the industry expect another rate cut, which could help to continue improving mortgage rates. Realtor.com® Senior Economic Research Analyst Hannah Jones said that a December rate cut could “take further pressure off of mortgage rates as the year comes to a close, boosting buying power as the new year approaches.”

Jones also noted that 2026 continues to look up, with many industry economists predicting “slightly more affordable housing conditions.”

“While home prices are projected to rise 2.2%, average mortgage rates are likely to decline relative to 2025, helping offset price gains and reduce monthly payments. Inflation is also expected to outpace home price growth, resulting in real increases in buying power,” she explained . “At the same time, inventory is projected to grow by nearly 9%, offering buyers more options than they have had in years. Easing mortgage rates and growing inventory should help buyers in 2026, even as affordability challenges persist.”

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