Mortgage Rates Surpass Seven Percent

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that mortgage rates have increased for the fifth consecutive week, with the 30-year fixed-rate mortgage (FRM) reaching 7.04%, surpassing 7% for the first time since May 2024. This represents an increase from last week's 6.93% and is higher than the 6.60% rate recorded a year ago.

The 15-year FRM also saw an increase, averaging 6.27%, up from last week's 6.14% and significantly higher than the 5.76% rate from a year ago. According to Sam Khater, Freddie Mac's Chief Economist, the underlying strength of the economy is contributing to the rate increase. Despite rising rates, Freddie Mac's research indicates that consumers can potentially save money by shopping around for different lender quotes.

Positive

• Strong underlying economic conditions reported by Chief Economist

Negative

• 30-year FRM increased to 7.04%, highest since May 2024
• Fifth consecutive week of mortgage rate increases
• 15-year FRM rose to 6.27%, up from 5.76% year-over-year

MCLEAN, Va., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) 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.”

News Facts

• 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. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5d2bdcc-ae5a-4c9a-a5b4-b40786849100

FAQ

What is the current 30-year fixed-rate mortgage rate for FMCC as of January 16, 2025?

The 30-year fixed-rate mortgage averaged 7.04% as of January 16, 2025, according to Freddie Mac's Primary Mortgage Market Survey.

How much has FMCC's 15-year fixed-rate mortgage increased compared to last year?

The 15-year fixed-rate mortgage increased to 6.27%, up from 5.76% a year ago, representing a 0.51 percentage point increase.

How many consecutive weeks have FMCC mortgage rates been increasing?

Freddie Mac reported that mortgage rates have increased for five consecutive weeks as of January 16, 2025.

When was the last time FMCC mortgage rates were above 7%?

According to the press release, mortgage rates last exceeded 7% in May 2024.