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Mortgage rates remain far below what they were a year ago, according to the latest data from Freddie Mac. Indeed, the average 30-year fixed rates mortgage sits at 6.35%, while the average 15-year fixed rate was 5.47%.
So how far might rates fall? Lawrence Yun, chief economist and senior vice president of research at the National Association of REALTORS®, says he predicts mortgage rates will hit 6.2% in September. "There will be more inventory and more home buyers. Some further declines are possible in 2025, though mortgage rates will not go down to 5% or lower because of the massive federal budget deficit," says Yun.