United States Mortgage Rate

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) in the US continued to decline to 6.73% in the week ended February 28th 2025, the lowest since the first week of December, from 6.88% in the previous week, according to the Mortgage Bankers Association. It compares with a rate of 7.02% a year earlier. “Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the US. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024”, said Joel Kan, an MBA economist.