March figures to be a crucial month for gauging consumer interest in the 2025 housing market. The pace of home sales remains near a 30-year low point as home prices and mortgage rates keep potential borrowers in wait-and-see mode.

But mortgage rates have posted an unusually large decline in the past week. On Tuesday, HousingWire’s Mortgage Rates Center showed that the average 30-year conforming rate was 6.89%, down 12 basis points (bps) from a week ago. And the average 15-year conforming rate was 6.70%, down 27 bps in the past week.

The 30-year rate hasn’t been this low since details ⇒

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