Mortgage Rates Decline

Published January 24, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 23. The survey indicated a decrease in mortgage rates for the first time in more than a month.

This week, the 30-year fixed rate mortgage averaged 6.96%, down from last week’s average of 7.04%. Last year at this time, the 30-year fixed rate mortgage averaged 6.69%.

The 15-year fixed rate mortgage averaged 6.16% this week, down from last week’s average of 6.27%. During the same week last year, the 15-year fixed rate mortgage averaged 5.96%.

“After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Freddie Mac’s Chief Economist, Sam Khater. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.”

Based on published national averages, the savings rate was 0.41% as of 1/21. The one-year CD averaged 1.82%.

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.