Freddie Mac is reporting that the 30-year fixed-rate mortgage 6.58% for August 14 week. That compares to 6.63% last week.
The rate is the lowest since October 24, 2024.
Looking at the chart, the range in the mortgage rate has been relatively narrow in 2025. The high extended to 7.04% in January. The low is this week at 6.53%.
If the 10-year yield is a proxy for the 30 year mortgage, the 10-year yield peaked at the start of 2025 at 4.809%. The low was in April at 3.860%. The current yield at 4.30%. It is near the middle of that range (the midpoint is at 4.335%).
From the high the 10-year yield is down around 50 basis points. For the 30-year mortgage, it is down 46 basis points. What didn’t happen in 2025 was that the low in yield in April did not see the mortgage rate move down at a comparable trajectory.
