Mortgage rates rise for fourth straight week, inching closer to 7%
2025-01-10
Category: economic

Mortgage rates ticked up for the fourth straight week, climbing toward 7% as elevated rates and high home prices continue to snuff out demand in the housing market. Freddie Mac&apos;s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 6.93%, up from last week&apos;s reading of 6.91%. The average rate on a 30-year loan was 6.66% a year ago.   &quot;The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage climbed to 6.14% from 6.13% last week. One year ago, the rate on the 15-year fixed note averaged 5.87%.