Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

Mortgage rates are finally dropping. The U.S. weekly average for a 30-year fixed-rate mortgage fell to 6.63% Thursday, the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, reported.

The average rate on a 30-year U.S. mortgage has fallen to its lowest level in four months, welcome news for prospective homebuyers who have been held back by stubbornly high home financing costs