Looking Back: When Mortgage Rates Dropped for Three Consecutive Weeks

In June of 2024, mortgage rates declined for the third straight week, offering some relief to homebuyers. The 30-year fixed-rate mortgage averaged 6.87%, down from 6.95% the previous week. As of last June, it stood at 6.67%.

The 15-year fixed-rate mortgage also decreased slightly, averaging 6.13%, down from 6.17% the prior week. A year earlier, it was at 6.03%.

At the time, mortgage rates were trending downward as inflation showed signs of cooling, and markets anticipated a potential Fed rate cut. This shift, along with a gradually improving housing supply, provided some hope for buyers navigating high costs.

Now, in March 2025, the housing market remains uncertain as buyers and sellers adjust to evolving economic conditions. While mortgage rates have fluctuated over the past year, affordability remains a key challenge. The question moving forward is whether policymakers will take further action to stabilize borrowing costs or if buyers will need to continue adapting to a higher-rate environment.