The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 6.79% from 6.88% Applications to refinance a home loan rose 7% last week compared with the previous week.

So far this year, average mortgage rates have stayed stubbornly high, bouncing between 6.5% and 7%, as financial markets weigh the risks of both higher inflation and an economic slowdown. Most homeowners,

Major industry organizations, including the Mortgage Bankers Association, Freddie Mac and Fannie Mae, expect mortgage rates to close in 2025 at about 6.5% or so. As of March 2025, mortgage rates have rested between 6% and 7% for months,