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Freddie Mac today released the results of its Primary Mortgage Market Survey® , showing the 30-year fixed-rate mortgage (FRM) averaged 6.95%.
“The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%,” said Sam Khater, Freddie Mac’s Chief Economist. “Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”
- The 30-year FRM averaged 6.95% as of January 30, 2025, down slightly from last week when it averaged 6.96%. A year ago at this time, the 30-year FRM averaged 6.63%.
- The 15-year FRM averaged 6.12%, down from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.94%.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.
Reaction from Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
Facts: The average 30-year fixed mortgage rate from Freddie Mac is flat at 6.95% vs 6.96% last week. At 6.95%, with 20% down, a monthly mortgage payment is $2,120 on a home with a price of $400,000. With 10% down, the typical payment would be $2,385.
Positive: There is no expectation that mortgage rates will change in the coming months. Home buyers who are shopping should know that rates are expected to stay between 6-7%. As there is no expectation of change, stability in mortgage rates provides reassurance.
Negative: Mortgage applications retreated this week, the Federal Reserve held Fed Funds rates steady as expected, and inflation ticked up. Currently, the Fed is taking a wait-and-see approach to consumer inflation. Regardless of officials, consumers know inflation hurts their bottom line and ability to save for a downpayment.
