US 30-Year Mortgage Rates Surpass 7% for the First Time Since May 2024
Mortgage Rates Surpass Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey for the week ending Thursday, January 16.
The 30-year fixed-rate mortgage averaged 7.04%, up from last week when it averaged 6.93%. A year ago at this time, the 30-year rate averaged 6.60%.
The 15-year fixed-rate mortgage averaged 6.27%, up from last week when it averaged 6.14%. A year ago at this time, the 15-year rate averaged 5.76%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024. The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”
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