Mortgage rates rise above 7% for first time since May
2025-01-17
Category: economic

Mortgage rates continued their upward climb this week, leaping above 7% and adding further pressure on the stagnant 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 7.04%, up from last week&apos;s reading of 6.93%. The average rate on a 30-year loan was 6.60% a year ago.   &quot;Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;The underlying strength of the economy is contributing to this increase in rates.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage climbed to 6.27% from 6.14% last week. One year ago, the rate on the 15-year fixed note averaged 5.76%.