US 30-Year Fixed Mortgage Rate Averages 6.36 Percent

The average rate for a 30-year fixed-rate mortgage fell one basis point to 6.36 percent in the May 14 week, according to data released by Freddie Mac. The decline came after the rate stood at 6.37 percent in the previous week. The small move continues a recent pattern of limited weekly changes following larger swings earlier in the year driven by shifts in Treasury yields and inflation readings.

Rates on other mortgage products showed mixed movement in the latest survey. The 15-year fixed-rate mortgage average moved modestly while adjustable-rate products reflected broader market conditions in the bond market. Freddie Mac compiles its weekly survey based on commitments for mortgage applications.

The rates reflect loans with 20 percent down payments and credit scores meeting standard thresholds. The housing market has faced elevated borrowing costs since 2022 when the Federal Reserve began raising its benchmark interest rate to combat inflation.

Mortgage rates reached a peak above 7 percent in late 2023 before easing in 2024 and 2025. Prospective home buyers continue to monitor rate movements closely as they affect monthly payments on typical home loans. Existing homeowners with lower-rate mortgages from prior years have shown limited inclination to sell and take on new debt at current levels.

The latest reading comes as investors assess the trajectory of Federal Reserve policy. Central bank officials have signaled caution on further rate cuts amid persistent inflation in services and housing components. Bond market yields, which heavily influence mortgage pricing, have traded in a relatively tight band in recent sessions.