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Giving Home > Giving News > Finance News > Mortgage Rates Edge Higher

Mortgage Rates Edge Higher

Published January 10, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 9. The survey showed the 30-year fixed rate inching near the 7% range.

This week, the 30-year fixed rate mortgage averaged 6.93%, up from last week’s average of 6.91%. Last year at this time, the 30-year fixed rate mortgage averaged 6.66%.

The 15-year fixed rate mortgage averaged 6.14% this week, up from last week’s 6.13%. During the same week last year, the 15-year fixed rate mortgage averaged 5.87%.

“In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7%,” said Freddie Mac’s Chief Economist, Sam Khater. “The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability. The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”

Based on published national averages, the savings rate was 0.42% as of 12/16. The one-year CD averaged 1.83%.

Editor’s Note: The publicly available financial information is offered as a helpful and informative service to our friends. This article is not an endorsement of any company, product or service.