Thirty-Year Fixed-Rate Mortgages Creep Higher in the Week Ending January 11th
Mortgage Rates Continue to Hover in the Mid-Six Percent Range
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 11th.
The 30-year fixed-rate mortgage averaged 6.66%, up from last week when it averaged 6.62%. A year ago at this time, the 30-year rate averaged 6.33%.
The 15-year fixed-rate mortgage averaged 5.87%, down from last week when it averaged 5.89%. A year ago at this time, the 15-year rate averaged 5.52%.
Commenting on the results of this week’s survey, Sam Khater, Freddie Mac’s Chief Economist said:
“Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand. Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”
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