The 30-year fixed-rate mortgage broke through the 7% mark this week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). The 7.04% average as of Jan. 16, up from last week when it averaged 6.93%. One year ago at this time, it averaged 6.60%.
“Mortgage rates ticked up for the fifth consecutive week and crossed 7% for the first time since May of 2024,” said Sam Khater, Freddie Mac’s chief economist. “The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”
Freddie Mac also reported the 15-year fixed-rate mortgage averaged 6.27%, up from last week when it averaged 6.14%. One year ago at this time, it averaged 5.76%.
