Mortgage rates edged slightly lower in the weeks following the Federal Reserve’s latest decision to pause rate cuts this month. The average 30-year fixed-rate mortgage reported a 5 basis point decline this month to 6.87% as of Feb. 13, and now sit at their lowest level thus far in 2025, according to Freddie Mac data released Thursday.

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.