Mortgage rates increased slightly this week, with the average rate for a 30-year, fixed-rate mortgage rising to 6.69% as of January 25, up from last week, when it averaged 6.60%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.13%.
“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.”
The average rate for a 15-year fixed-rate mortgage was 5.96%, up from 5.76 the previous week.
A year ago at this time, the average rate for a 15-year was 5.17%.
Photo: David Kristianto