Mortgage Rate Increases Persist

Published December 27, 2024

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, December 26. The survey showed mortgage rates continuing to rise for the second consecutive week.

This week, the 30-year fixed rate mortgage averaged 6.85%, up from last week’s average of 6.72%. Last year at this time, the 30-year fixed rate mortgage averaged 6.61%.

The 15-year fixed rate mortgage averaged 6.0% this week, up from last week’s 5.92%. During the same week last year, the 15-year fixed rate mortgage averaged 5.93%.

“Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month,” said Freddie Mac’s Chief Economist, Sam Khater. “While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.”

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.