Mortgage interest rates slipped lower over the past week, settling at the lowest level of 2025, but remaining elevated enough to stifle normal levels of buying and selling in the housing market.

According to the latest data from Freddie Mac’s Primary Mortgage Market Survey, the average 15-year fixed mortgage rate is currently around 6.00%. That’s nearly a full percentage point lower than the average 30-year fixed mortgage rate, which is sitting in the upper 6.00% range.

Mortgage rates fluctuate daily, so a little volatility can always be expected. On Monday, the average rate on a 30-year fixed mortgage was around 6.96%, according to Bankrate data, which is 0.15% lower than January's peak of 7.11%. But February could see more turbulence than usual.

Mortgage rates are unlikely to see major drops any time soon, as economic markets wait to see what comes of the Trump administration’s sweeping actions. So, knowing that there may not be better deals to hold out for, should you refinance now?

Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage averaged 6.89%, pulling back from the 7% level. “The 30-yea