Mortgage rates ended 2024 on a high note, as the average rate for a 30-year fixed-rate mortgage increased to 6.91% this week, up from 6.85% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.62%.
“Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”
The average rate for a 15-year mortgage was 6.13%, up from 6.0% last week and up from 5.89% a year ago.
Earlier today the Mortgage Bankers Association reported that mortgage application volume decreased 21.9% on an adjusted basis during the two weeks ended December 27, due to higher mortgage rates and seasonal patterns.
Photo: Alison Pang