The 30-year fixed-rate mortgage (FRM) averaged 6.96% as of January 23, 2025, down from last week when it averaged 7.04%. A year ago at this time, the 30-year FRM averaged 6.69%, according to Freddie Mac.
The 15-year FRM averaged 6.16%, down from last week when it averaged 6.27%. A year ago at this time, the 15-year FRM averaged 5.96%.
“After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.”
