Freddie Mac reported the 30-year fixed-rate mortgage (FRM) averaged 6.91% as of January 2, 2025, up from 6.85% last week. This marks the highest rate recorded in nearly six months. By comparison, the 30-year FRM averaged 6.62% at this time last year, according to Freddie Mac’s Primary Mortgage Market Survey.
The 15-year fixed-rate mortgage (FRM) also saw an increase, averaging 6.13% this week, compared to 6.0% last week. A year ago, the 15-year FRM stood at 5.89%. These elevated rates continue to challenge affordability in the housing market, though Freddie Mac Chief Economist Sam Khater notes a rise in pending home sales as buyers re-enter the market.
