Mortgage Rates Spike

Published January 3, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 2. The survey showed mortgage rates have climbed to their highest levels since July.

This week, the 30-year fixed rate mortgage averaged 6.91%, up from last week’s average of 6.85%. Last year at this time, the 30-year fixed rate mortgage averaged 6.62%.

The 15-year fixed rate mortgage averaged 6.13% this week, up from last week’s 6.00%. During the same week last year, the 15-year fixed rate mortgage averaged 5.89%.

“Inching up to just shy of 7%, mortgage rates reached their highest point in nearly six months,” said Freddie Mac’s Chief Economist, Sam Khater. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”

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.