Mortgage rates finally fall after 6-week climb
2025-01-24
Category: economic

Mortgage rates finally broke a six-week streak of increases, but the decline will not provide much relief, as long-term rates dipped just below 7%. Freddie Mac&apos;s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.96%, down from last week&apos;s reading of 7.04%. The average rate on a 30-year loan was 6.69% a year ago.   &quot;After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,&quot; said Sam Khater, Freddie Mac&#x2019;s chief economist. &quot;While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The average rate on the 15-year fixed mortgage fell to 6.16% from 6.27% last week. One year ago, the rate on the 15-year fixed note averaged 5.96%.