The 30-year fixed-rate mortgage (FRM) reaches 7.04% as of January 16, 2025, up from 6.93% last week and marking its highest point since May 2024. This increase, attributed to the economy's underlying strength, marks the fifth consecutive weekly rise, according to Freddie Mac.
The 15-year FRM also rises to 6.27%, compared to last week's 6.14%. In January 2024, the rates for 30-year and 15-year FRMs were 6.60% and 5.76%, respectively.
