Mortgage rates, or the interest rates associated with home loans, have risen for the fifth straight week, surpassing the 7 percent threshold, as reported by mortgage provider Freddie Mac (FMCC.OB).
As of January 16, 2025, the average rate for a 30-year fixed-rate mortgage (FRM) reached 7.04 percent, up from the previous week's average of 6.93 percent. Comparatively, at this time last year, the 30-year FRM stood at an average of 6.60 percent.
The 15-year FRM also saw an increase, averaging 6.27 percent this week, compared to 6.14 percent last week. In contrast, the 15-year FRM was at 5.76 percent a year ago.
Freddie Mac's Chief Economist, Sam Khater, commented: "Mortgage rates have climbed for the fifth consecutive week, crossing the seven percent mark for the first time since May 2024. The robust economy is a driving factor behind the rate hikes. Despite the rising rates, research from Freddie Mac indicates that consumers can achieve savings by seeking quotes from multiple lenders."
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