Mortgage rates kick off 2025 with an increase, nearing 7%
2025-01-03
Category: economic

Mortgage rates are up for a third straight week to the highest since July, further hindering demand in the already-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 6.91%, up from last week&apos;s reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.   &quot;Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;Compared to this time last year, rates are elevated and the market&#x2019;s affordability headwinds persist.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage climbed to 6.13% from 6.0% last week. One year ago, the rate on the 15-year fixed note averaged 5.89%.