Mortgage rates, which are the interest rates applied to home loans, are currently just under 7%, as reported by Freddie Mac (FMCC.OB).
As of January 30, 2025, the average rate for a 30-year fixed-rate mortgage (FRM) stands at 6.95%, showing a slight decline from last week’s 6.96%. Comparatively, at this time last year, the 30-year FRM was 6.63%.
Meanwhile, the average for a 15-year FRM has decreased to 6.12%, down from last week's 6.16%. A year ago, this rate was at 5.94%.
According to Sam Khater, Chief Economist at Freddie Mac, "For the past two and a half years, the 30-year fixed-rate mortgage has predominantly fluctuated between 6% and 7%. This trend remains evident, with the current average rate remaining virtually unchanged at 6.95%. Due to these elevated rates and an ongoing shortage of available homes, affordability challenges continue to affect many prospective buyers, causing a significant number to delay entering the market.”
