Mortgage rates, or the interest rates applied to home loans, have risen for the second consecutive week, following a decline over the previous three weeks, as reported by Freddie Mac. As of December 26, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) is 6.85 percent, compared to last week's 6.72 percent. In contrast, this time last year, the 30-year FRM stood at 6.61 percent.
For the 15-year fixed-rate mortgage, the average increased to 6.00 percent, up from last week's 5.92 percent. A year ago, the 15-year FRM was at 5.93 percent.
Sam Khater, Chief Economist at Freddie Mac, commented, "Mortgage rates have climbed for the second week in a row, recovering from declines earlier this month. Despite a modest uptick in new and existing home sales, the market continues to struggle with a significant shortage of available homes. A robust economy can provide positive momentum as we enter the new year, potentially enhancing buying activity."
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