Mortgage rates inch up to start the year at a near six-month high. Will the housing market become more affordable in 2025?
Mortgage rates inched up at the start of the year to the highest level in nearly six months, portending another tough year for the U.S. housing market. The 30-year mortgage rate remains at the highest level since July 2024.
Mortgage Rates Tick Up, Nearing 6-Month High
After dipping for two days, 30-year mortgage rates edged higher, again nearing their highest level since early July. Rate movement was mixed for other loan types.
Mortgage rates end 2024 on a high note – unfortunately for the housing market
In the week ending Dec. 26, the 30-year fixed-rate mortgage averaged 6.85%, mortgage guarantor Freddie Mac said Thursday. The popular loan product averaged 6.72% throughout the year, compared to 6.81% throughout 2023, even as the Federal Reserve cut its benchmark interest rate three times in 2024.
Average Rate for 30-Year Mortgage Reaches 6-Month High
The average rate for a 30-year mortgage climbed to 6.91 percent from 6.58 last week, mortgage buyer Freddie Mac said Thursday.
Mortgage rates inch closer to 7% to close out 2024
Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. The standard, 30-year fixed-rate mortgage averaged just shy of 7% in the final week of 2024 ending on January 2, according to data from mortgage financing giant Freddie Mac.
Mortgage Rates Today: January 3, 2025—Rates Remain Fairly Steady
The current average mortgage rate on a 30-year fixed mortgage is 7.32%, according to Curinos. The average rate on a 15-year mortgage is 6.49%, while the average rate on a 30-year jumbo mortgage is 7.32%.
Average mortgage rate highest since July
The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages.
Mortgage Rates Near 7% As Fed Eyes Stubborn Inflation Rate
U.S. mortgage rates increased this week, reaching their highest levels since July, with the 30-year fixed rate climbing by six basis points to nearly 6.9%. A year ago, the rate was 6.62%. The average 15-year fixed rate rose by thirteen basis points to over 6% compared to nearly 5.
Refinance Rates Tick Down Once More
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Which way will mortgage rates go in 2025?
Thus, I’m forecasting that, based on the 6.85% rate at year-end 2024, mortgages will run between 7.55% and 6.15% in 2025.
HELOC rates retreat again, home equity loans unchanged
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Refinance Rates Inch Up, Ending 3-Day Decline
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