Thirty-Year Fixed-Rate Mortgages Move Slightly Higher in the Week Ending January 4th
Mortgage Rates Move Sideways as Markets Digest Incoming Data
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 4th.
The 30-year fixed-rate mortgage averaged 6.62%, up from last week when it averaged 6.61%. A year ago at this time, the 30-year rate averaged 6.48%.
The 15-year fixed-rate mortgage averaged 5.89%, down from last week when it averaged 5.93%. A year ago at this time, the 15-year rate averaged 5.73%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”
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