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Mortgage Rates Reach 7%

Published January 17, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 16. The survey showed the 30-year fixed rate exceeded 7%.

This week, the 30-year fixed rate mortgage averaged 7.04%, up from last week’s average of 6.93%. Last year at this time, the 30-year fixed rate mortgage averaged 6.60%.

The 15-year fixed rate mortgage averaged 6.27% this week, up from last week’s 6.14%. During the same week last year, the 15-year fixed rate mortgage averaged 5.76%.

“Mortgage rates ticked up for the fifth consecutive week and crossed 7% for the first time since May of 2024,” said Freddie Mac’s Chief Economist, Sam Khater. “The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”

Based on published national averages, the savings rate was 0.42% as of 12/16. The one-year CD averaged 1.83%.

Editor’s Note: The publicly available financial information is offered as a helpful and informative service to our friends. This article is not an endorsement of any company, product or service.