US Mortgage Rates Drop to 6.19% This Week

Right now, the average 30-year US mortgage rate sits at 6.19%, according to Freddie Mac’s report out Thursday via ABC News. That’s down from 6.23% last week and the lowest since late October, when it hit 6.17% (Bloomberg).

Recent Rate Snapshot

Freddie Mac (week ending Dec 5, 2025): 30-year fixed at 6.19% (vs. 6.69% a year ago); 15-year fixed at 5.44% (down from 5.51% last week, 5.96% a year ago).
Optimal Blue (loans locked Dec 2, via Fortune, reported Dec 4): 30-year fixed conforming at 6.209%, steady from the day before.
MBA (week ended Nov 28, via CNBC): 30-year fixed at 6.32%, down from 6.40%.

These numbers show rates easing into the low 6% range after holding higher earlier this year.

Why Rates Are Falling

Rates track the 10-year Treasury yield closely, which lenders use to price loans. ABC News notes the yield hit 4.1% midday Thursday, up a bit from 4% the prior week but still supportive of lower mortgages.

The Federal Reserve’s recent cuts play a role too. It dropped its key rate in September and October amid a slowing job market, with another cut expected next week (Bankrate). But the Fed doesn’t directly set mortgage rates, so moves depend on bond markets and inflation views.

Improving mortgage spreads are a big factor this year, per HousingWire. Spreads over the 10-year yield narrowed enough to keep rates under 6.64% for 18 straight weeks, even as yields stayed above 4%. Without that, rates would be near 7%. HousingWire adds that normal spreads (1.60%-1.80%) could push them down to 5.76%-5.96%.

How Buyers Are Reacting

Lower rates are pulling more buyers in. HousingWire reports purchase applications near a three-year high in December, with 44 straight weeks of year-over-year gains and 31 of double-digit growth. MBA data shows purchase apps up 3% that week (17% above last year), though refi apps dipped 4%.

Sales of existing homes rose in October for the fourth month running, thanks to fall rate drops. Inventory is up year over year, price growth slowed, and more sellers are cutting prices—signs of better deals ahead.

Still, high home prices and job worries keep some out. The Fed’s next meeting Wednesday could shift things, especially with Jerome Powell’s hawkish tone on future cuts.