Mortgage Rates Drop Below Seven Percent

“After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.”

News Facts

• The 30-year FRM averaged 6.96 percent as of January 23, 2025, down from last week when it averaged 7.04 percent. A year ago at this time, the 30-year FRM averaged 6.69 percent.
• The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.27 percent. A year ago at this time, the 15-year FRM averaged 5.96 percent.

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