M
ortgage rates dipped to their lowest level of 2025 this week, with the 30‑year fixed‑rate averaging 6.15%—the year’s low per Freddie Mac. The 15‑year rate fell to 5.44%, down from 5.5% a week earlier, and has hovered near 5.41% since September. Mortgage News Daily reports the 30‑year at 6.20% on Dec. 31, a level not seen since early October 2024. Although rates are about 0.8 percentage points lower than the 6.91% average a year ago, many prospective buyers remain priced out; the median monthly payment for a typical home stays around $2,740, Lisa Sturtevant, chief economist at Bright MLS, notes.

    Sturtevant warns that real affordability gains will need several years of sustained lower rates, slower home‑price growth, and rising household incomes. Yet Realtor.com senior economist Joel Berner points out that the recent easing has already lifted pending sales—up 2.6% year‑over‑year in November—potentially giving the traditionally slow spring market a boost.

    Mortgage rates are expected to stay flat until new economic data arrives: a jobs report on Jan. 9 and the next inflation release on Jan. 13. Until then, the market will continue to balance affordability with price growth.