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.

Mortgage rates fluctuate daily, so a little volatility can always be expected. On Monday, the average rate on a 30-year fixed mortgage was around 6.96%, according to Bankrate data, which is 0.15% lower than January's peak of 7.11%. But February could see more turbulence than usual.

Mortgage interest rates have fallen to their lowest point since mid-December, and have remained under 7% for the third consecutive week. The average rate on a 30-year fixed-rate mortgage fell