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Mortgage rates are for a third consecutive week at the highest since July, further hampering demand in the already stagnant housing market.
The latest survey of the Primary Mortgage Market of Freddie Mac, published on Thursday, showed that the average rate on the benchmark. 30-year fixed mortgage it jumped to 6.91%, from last week’s reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.
Mortgage rates continued to climb this week, with the average 30-year fixed rate approaching 7%. (Getty Images/Getty Images)
“Increased to just seven percent, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, rates are high and market affordability headwinds persist.”
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The average rate on the 15-year fixed mortgage rose to 6.13% from 6.0% last week. A year ago, the rate on the 15-year fixed note averaged 5.89%.
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2025-01-02 17:13:00
