US Mortgage Rates Creep Higher in the Week Ending January 9
Mortgage Rates Continue to Trend Up
Freddie Mac has released its Primary Mortgage Market Survey for the week ending Thursday, January 9.
The 30-year fixed-rate mortgage averaged 6.93%, up from last week when it averaged 6.91%. A year ago at this time, the 30-year rate averaged 6.66%.
The 15-year fixed-rate mortgage averaged 6.14%, up from last week when it averaged 6.13%. A year ago at this time, the 15-year rate averaged 5.87%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7%. 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.”
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