The average rate on a 30-year U.S. mortgage edged higher this week to just above its 2025 low.
The average long-term mortgage rate rose to 6.16%, mortgage buyer Freddie Mac said Thursday. That’s up slightly from 6.15% last week, when the average rate dropped to its lowest level since October 3, 2024. One year ago, the rate averaged 6.93%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week to 5.46% from 5.44% the previous week. A year ago it averaged 6.14%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year yield was at 4.17% at midday Thursday.
The average rate on a 30-year mortgage has been mostly holding steady in recent weeks since Oct. 30 when it dropped to 6.17%, which at the time was its lowest level in more than a year. Mortgage rates began easing in July in anticipation of a series of Fed rate cuts, which began in September and continued last month.
The Fed doesn’t set mortgage rates, but when it cuts its short-term rate that can signal lower inflation or slower economic growth ahead, which can drive investors to buy U.S. government bonds. That can help lower yields on long-term U.S. Treasurys, which can result in lower mortgage rates.
All told, the average rate on a 30-year mortgage ended last year nearly a percentage point lower than at the start of 2025, helping boost home shoppers’ purchasing power toward the end of the year. Sales of previously occupied U.S. homes rose on a monthly basis in September, October and November.
Still, even with long-term mortgage rates holding near their 2025 low point, sales in November slowed compared with a year earlier for the first time since May and ended the month on pace to finish the year down from 2024. December existing home sales data are due out next week.
The recent pullback in mortgage rates has been helpful for home shoppers who can afford to buy at current rates. The median U.S. monthly housing payment fell to $2,365 in the four weeks ending January 4, according to Redfin. That's a 4.7% drop from the same period a year earlier.
While lower mortgage rates can help boost how much homebuyers can afford, the housing market remains out of reach for many aspiring homeowners, after years of soaring home prices and lackluster wage growth. First-time buyers have had it particularly tough, because they don’t have equity from an existing home to put toward a new home purchase.
Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.
Economists generally forecast that the average rate on a 30-year mortgage will remain slightly above 6% this year.
FILE - A for sale sign stands outside a home on the market in the Alamo Placita neighborhood Tuesday, Aug. 27, 2024, in central Denver. (AP Photo/David Zalubowski, File)
Cameron Boozer was at the center of everything for Duke this season.
The 6-foot-9, 250-pound forward proved tough enough to score through physical play. Rangy enough to space the floor and shoot from outside. Deft enough as a passer to find teammates, whether against constant double teams coming for him as the top name on every scouting report or while running the entire offense from up top.
“You just want to affect winning in whatever way you can,” Boozer said.
The high-end NBA prospect did that all season for a team that won 35 games, reached No. 1 in the AP Top 25 poll, claimed the top overall seed for March Madness and reached the NCAA Tournament's Elite Eight. Now he's The Associated Press men’s college basketball national player of the year, only the fifth freshman to earn the honor and the second in a row for a Duke program that keeps adding to the longest list of winners in the country.
“It just goes to show more about what our team has done, just because I think that really helps awards like this, having great team success,” Boozer told the AP. “It’s really just not me.”
Boozer, named unanimous first-team AP all-American last month, received 59 of 61 votes from AP Top 25 voters in results released Friday. BYU freshman AJ Dybantsa, another potential top NBA pick, received the other two votes after averaging a national-best 25.5 points per game.
Boozer, son of Duke and longtime NBA player Carlos Boozer, ranked averaged 22.5 points (ninth in Division I) and 10.2 rebounds (12th) while finishing tied for the national lead with 22 double-doubles. He also averaged 4.1 assists while posting efficient shooting numbers at 55.6% overall and 39.1% from 3-point range.
He joins fellow Blue Devils star Cooper Flagg last year, another Duke player in Zion Williamson (2019), Kentucky’s Anthony Davis (2012) and Texas star Kevin Durant (2007) as freshmen to win the AP award. Each went No. 1 or No. 2 in the NBA draft that year.
“I’m very grateful just that I’m even in those (NBA) conversations,” Boozer said. “I think a lot of people dream of being where I am. Sometimes you’ve got to take a step back and just remember that once upon a time, you were a kid dreaming to be here. So I think it’s very special.”
His coaches think the same of him.
“We’ve been fortunate enough the last two years to have two of the best freshmen to ever play in college basketball back to back,” Duke associate head coach and former Blue Devils player Chris Carrawell said. “And Cam is right up there.
Boozer is Duke's ninth AP winner, each coming from a different player. UCLA is the next closest with five winners, though that included Kareem Abdul-Jabbar (1967 and 1969) and Bill Walton (1972 and 1973) as two-time selections.
UCLA, Ohio State and Duke rival North Carolina are the only other programs with as many as three different players to win the award.
Boozer arrived at Duke alongside twin brother Cayden after the two led Miami's Columbus High to four straight state championships. By late February, the Blue Devils were starting a four-week reign atop the AP Top 25 that would carry to March Madness. Boozer — who said he looks at winning as a skill — routinely posted top performances in Duke's biggest games, including during a rugged nonconference slate.
He matched a season high with 35 points in a November win against Arkansas. He followed with 29 points against defending national champion Florida. He also had big performances at Michigan State (18 points, 15 rebounds) and flirted with a triple-double (18 points, 10 rebounds, seven assists) in a February win against Michigan.
Along the way, he pushed through bumps and shoves. He closed Sunday's season-ending loss to UConn with 27 points and his right eye swollen from a first-half blow.
“There’s no agenda other than figuring out a way to win,” Wolverines coach Dusty May said. “I’ve seen him play a number of times this year where there’s six guys in the paint, and it’s not as if he’s jumping 40, 50 inches off the floor. His desire to rebound the ball, to set physical screens, to play to his advantages, is as impressive as any freshman that I can recall.”
The other challenge was managing the scrutiny that comes from expectations for greatness. A missed shot. A turnover. The 3-for-17 shooting while battling rising frustration and Virginia shot-blocker Ugonna Onyenso in the ACC title game.
“He does a great job of flushing it and not letting it dwell on him too much,” Cayden said. “That’s something he’s always been able to do since we were younger. Obviously I talk to him when he needs me to. And I sometimes just understood that, hey, he’s going through something, give him some space for a little bit and he’ll figure it out.”
Cameron said getting away for time alone and putting down the phone helps. He points to prayer and even a recent effort to read more.
The rest of the time, though, he'll throw himself into becoming a better player. There's comfort in that routine, the results yet to fail him.
“I think just being prepared alleviates pressure," Cameron said. "Being ready for a game, watching film, working out, knowing you put your time in, being confident in yourself — I think all that takes away a lot of the pressure that people talk about. At the end of the day, pressure really is what you put on yourself.”
AP March Madness bracket: https://apnews.com/hub/ncaa-mens-bracket and coverage: https://apnews.com/hub/march-madness
Duke forward Cameron Boozer (12) reacts after scoring during the second half in the second round of the NCAA college basketball tournament against TCU, Saturday, March 21, 2026, in Greenville, S.C. (AP Photo/Brynn Anderson)
Duke guard Cayden Boozer, left, and Duke forward Cameron Boozer, right, share a laugh during a press conference ahead of a game against UConn in the Elite Eight of the NCAA college basketball tournament Saturday, March 28, 2026, in Washington. (AP Photo/Abbie Parr)
Duke forward Cameron Boozer (12) shoots over St. John's forward Bryce Hopkins (23) during the second half in the Sweet 16 of the NCAA college basketball tournament, Friday, March 27, 2026, in Washington. (AP Photo/Abbie Parr)
Duke forward Cameron Boozer (12) shoots over St. John's forward Bryce Hopkins (23) during the first half in the Sweet 16 of the NCAA college basketball tournament, Friday, March 27, 2026, in Washington. (AP Photo/Stephanie Scarbrough)
