Mortgage Rates Not Getting Better

From Primary Mortgage Market Survey updated as of June 28, 2025

The below in-house created chart developed from the Freddie Mac Primary Market Survey compares each year from 2018 to 2025 for every week. It colorfully illustrates the overall yearly trend of 30-year fixed-rate Conventional Mortgage Rates to aid in visualizing the cost of borrowing trends.

Remember 2020, when mortgage rates dipped below 3% and everyone you knew suddenly became a real estate investor? Good times. Fast forward to 2025, and it’s a whole different circus.

According to Freddie Mac’s latest chart, mortgage rates have been stuck in the 6.6%–7.2% zone all year. That’s not a typo. That’s the new normal. For those waiting on a Fed miracle or hoping Jerome Powell had a change of heart—sorry, it’s not happening (yet).

Here’s the gist:

• 2020 was a unicorn year—rates plunged thanks to COVID chaos.

• 2022 brought the pain—rates soared past 7% faster than you can say “quantitative tightening.”

• 2023 and 2024? A hot mess of volatility, inflation, and false hope.

• Now in 2025, we’re still camped out in the Rate Highlands, paying double what we did a few years ago, and nobody’s sending helicopters to rescue us.

Buyers are getting squeezed, sellers won’t budge unless they absolutely must, and refis are about as common as a payphone. If you were banking on rates dropping to save your budget—maybe also buy a lottery ticket.

Bottom line: the Fed is playing the long game, and rates aren’t crashing anytime soon. So unless inflation cools off, wage growth chills, or the economy throws a tantrum, we’re stuck here. Welcome to the new age of "meh-gages."