As the new year gets underway, average 30-year mortgage rates continue to trend up, moving upwards from their average last week of 6.91% to 6.93% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday.
“In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7%,” said Sam Khater, Freddie Mac’s chief economist. “The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability. The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”
Realtor.com’s Senior Economic Research Analyst Hannah Jones commented, “The highly-anticipated jobs data (will be released Friday) will be an important input for the FOMC meeting at the end of the month. A strong, but not too strong, employment report could help settle some economic uncertainty going into the new year. Convincing evidence of cooling job growth and easing inflation will be important in bringing mortgage rates lower.”
This week’s stats:
- The 30-year FRM averaged 6.93% as of January 9, 2025, up from last week when it averaged 6.91%. A year ago at this time, the 30-year FRM averaged 6.66%.
- The 15-year FRM averaged 6.14%, up from last week when it averaged 6.13%. A year ago at this time, the 15-year FRM averaged 5.87%.
To view the full report, click here.
