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All • Buying • Selling • January 16, 2025

30-Year Mortgage Interest Rate Tops 7%

by Rodney Ward

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.04 percent.

“Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

  • The 30-year FRM averaged 7.04 percent as of January 16, 2025, up from last week when it averaged 6.93 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent.
  • The 15-year FRM averaged 6.27 percent, up from last week when it averaged 6.14 percent. A year ago at this time, the 15-year FRM averaged 5.76 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

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