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.

The Bank of England is expected to lower interest rates for the first time in months, as it seeks to counteract the UK’s sluggish economic growth. Economists anticipate a 0.25 percentage point reduction,