Mortgage rates tick lower, hover near 7%
2025-01-31
Category: economic

Mortgage rates fell slightly this week, remaining stubbornly high while would-be buyers and sellers continue to wait for steeper declines. Freddie Mac&apos;s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.95% from last week&apos;s reading of 6.96%. The average rate on a 30-year loan was 6.63% a year ago.   &quot;The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage fell to 6.12% from 6.16% last week. One year ago, the rate on the 15-year fixed note averaged 5.94%.