Mortgage Rates Down After Five Weeks Of Increases – NMP Skip to main content

Mortgage Rates Down After Five Weeks Of Increases

Jan 23, 2025
Freddie Mac PMMS January 23, 2025
Associate Editor

After new administration’s ingress, 30-year FRM average dips under 7% again

The 30-year fixed-rate mortgage (FRM) broke a five-week upward trajectory and dipped to 6.96%, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). At this same time last year, the rate averaged 6.69%. 

Last week, the 30-year FRM averaged 7.04%, crossing the 7% threshold for the first time since May 2024. 

“While affordability challenges remain, this [rate decrease] is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications,” Sam Khater, Freddie Mac’s chief economist, stated in a release. Khater noted a week ago that despite high rates, the GSE’s research “highlights that consumers can save money if they shop for several different lender quotes.”

The rate-increasing trend had followed three weeks of declines stretching back to late November. The PMMS showed the 30-year fixed-rate mortgage (FRM) averaged: 

  • 7.04% on Jan. 16, 2025; 
  • 6.93% on Jan. 9, 2025; 
  • 6.91% on Jan. 2, 2025; 
  • 6.85% on Dec. 26, 2024; 
  • 6.72% on Dec. 19, 2024; 
  • 6.60% on Dec. 12, 2024; 
  • 6.69% on Dec. 5, 2024; and
  • 6.81% on Nov. 28, 2024. 

According to Freddie Mac, the 15-year fixed-rate mortgage averaged 6.16% as of today, taking a similar downward turn – also following five weeks of increases, preceded by three weeks of decreases – as 30-year rates now have. The 15-year fixed rate mortgage averaged: 

  • 6.27% on Jan. 16, 2025; 
  • 6.14% on Jan. 9, 2025; 
  • 6.13% on Jan. 2, 2025; 
  • 6.0% on Dec. 26, 2024; 
  • 5.92% on Dec. 19, 2024; 
  • 5.84% on Dec. 12, 2024; 
  • 5.96% on Dec. 5, 2024; and 
  • 6.10% on Nov. 28, 2024. 

At this same time last year, the 15-year fixed-rate mortgage rate averaged 5.96%. 

Freddie Mac notes that the PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

About the author
Associate Editor
Published
Jan 23, 2025
Home Sellers Lose Pricing Power As Homes Now Sell Below Asking

New data shows sellers who miss the market on pricing are paying a growing penalty, while buyers gain leverage in many regions

Jun 12, 2026
More Than Half Of Buyers Say They'd Purchase A Home Without Human Help

Veterans United survey highlights growing consumer trust in AI-powered mortgage guidance, lender shopping, and document management

Jun 12, 2026
High-Income Borrowers Pull Back As Credit Demand Softens: TransUnion

Interest-rate-sensitive consumers remain open to refinancing opportunities while Gen X reports the strongest affordability pressures

Jun 11, 2026
Luxury Housing Splits Between Winners And Post-Pandemic Givebacks

Realtor.com finds only two markets have surpassed pandemic-era peaks, while several high-cost metros have erased their gains

Jun 11, 2026
Mortgage Interest Now Exceeds Home Values For Typical Buyers

At current rates, the median homebuyer will pay more than the home's purchase price in interest over a 30-year mortgage, according to a new analysis

Jun 10, 2026
Nearly Half Of Mortgage Borrowers Never Negotiate Their Loan

A new LendingTree study found many consumers never ask for better rates or lower fees despite strong odds of success

Jun 09, 2026