Freddie Mac November 2025: Mortgage Rates Hold Near Yearly Lows at 6.22%

Mortgage rates in the United States have stabilized near 2025 lows, with the 30-year fixed-rate mortgage averaging 6.22% as of November 6, according to the Freddie Mac Primary Mortgage Market Survey. After four consecutive weeks of declines, rates edged up slightly from 6.17% the previous week. The 15-year fixed rate also increased to 5.50% from 5.41%. These rates remain below the highs seen in early 2025 but are still elevated compared to historical averages. The recent trend reflects a cautious market response to ongoing economic uncertainty, including inflation, labor market shifts, and Federal Reserve policy decisions. Borrowers and industry experts anticipate limited rate movement in the near term, with most forecasts predicting rates will remain in the mid-6% range for the remainder of 2025.

Mortgage rates are influenced by a complex mix of macroeconomic factors. Inflation has remained elevated in 2025, with October data showing a slight uptick, which has tempered expectations for further Federal Reserve rate cuts. The labor market has softened, but not enough to prompt aggressive easing. The Federal Reserve’s cautious stance, combined with uncertainty from a government shutdown and delayed economic data, has led to a narrow trading range for mortgage rates. Treasury yields, which closely track mortgage rates, have also been volatile, reflecting market uncertainty about the timing and magnitude of future rate cuts. The Fed’s next moves will be critical in determining whether rates stabilize or move higher in the coming months.

Current mortgage rates have a significant impact on homebuyers and refinancing activity. Affordability has improved slightly compared to earlier in the year, but remains a challenge for many buyers. The drop from peak rates has allowed some buyers to save thousands annually, but high rates continue to limit purchasing power. Refinancing activity has been subdued, as many homeowners are not able to achieve meaningful savings. Regional differences exist, with some markets seeing more price pressure than others. Borrowers with strong credit profiles and larger down payments are better positioned to secure favorable rates, while those with lower credit scores or smaller down payments may face higher costs.

Several risk factors could influence future mortgage rate trajectories. Persistent inflation, a stronger-than-expected labor market, or a delay in Federal Reserve rate cuts could push rates higher. Conversely, a sharp economic slowdown or aggressive Fed easing could lead to lower rates. Geopolitical events, changes in government policy, and shifts in investor sentiment could also impact rates. Regional housing markets may experience different rate movements based on local economic conditions and supply-demand dynamics.

The outlook for mortgage rates in the coming months is for continued stability in the mid-6% range, with limited potential for dramatic drops. Most industry experts and housing authorities predict the 30-year fixed rate will average between 6.3% and 6.7% in the fourth quarter of 2025. The Federal Reserve’s next policy decisions will be key, with markets closely watching for signals about future rate cuts. If inflation moderates and the labor market weakens, rates could decline further. However, if inflation remains elevated or the economy shows resilience, rates may hold steady or increase. Borrowers should remain vigilant and be prepared to act if rates improve, but should not expect dramatic changes in the near term.