OAN Staff Katherine Mosack
10:36 AM – Thursday, October 23, 2025
This week, mortgage rates fell to their lowest level of the year.
On Thursday, Freddie Mac’s Primary Mortgage Market Survey showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.19% from 6.27% last week.
On October 24, 2024, the average rate on a 30-year fixed mortgage was 6.54%.
“At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
Advertisement“With signs of softer economic momentum and a deteriorating labor market, mortgage rates may drift slightly lower through 2026,” said Kara Ng, a senior economist at Zillow Home Loans. “Still, Zillow expects the 30-year fixed rate to remain confined within the 6%–7% range observed in recent years.”
Ng also noted that an October rate cut by the Federal Reserve is a “near certainty.”
Home buying has been reduced to its lowest level since the 1990s, according to the annual State of the Nation’s Housing report from the Joint Center for Housing Studies (JCHS) of Harvard University. Housing affordability has been a prominent political topic, especially for younger voters looking to start families.
During his 2024 campaign alongside President Donald Trump, Vice President JD Vance emphasized the impact of immigration on the demand and price of housing and other services.
Other Republican politicians have attempted to help solve the housing issue. Representative Marjorie Taylor Greene (R-Ga.) has proposed eliminating capital gains taxes on home sales to encourage market movement.
“Homeowners who have lived in their homes for decades, especially seniors in places where values have surged, shouldn’t be forced to stay put because of an IRS penalty,” Greene said. “My bill unlocks that equity, helps fix the housing shortage, and supports long-term financial security for American families.”
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