In the second quarter of 2025, home price growth cooled across U.S. metro areas, reflecting shifting market dynamics amid persistent affordability challenges and rising mortgage costs.
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the U.S. 30-year fixed-rate mortgage (FRM) averaged 6.63% as of August 7, 2025.
Mortgage applications rose for the first time in four weeks as interest rates continued their downward slide, offering some relief to borrowers amid signs of broader economic softening.
The U.S. housing market showed further signs of sluggish momentum in June 2025, as contract signings for home purchases dipped for the second consecutive month, underscoring persistent affordability challenges and buyer hesitation in many parts of the country.
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