Mortgage Rates Hold Steady Around 6.69%

The 30-year fixed-rate mortgage has remained stable, averaging 6.69% as of January 25, according to Freddie Mac's latest report. This slight increase from the previous week's average of 6.60% and a year-on-year comparison with 6.13% suggests a consistent trend in the mortgage market.

“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Additionally, the 15-year fixed-rate mortgage experienced a similar trend, averaging 5.96%, up from the previous week's 5.76%. A year ago, the 15-year FRM averaged 5.17%, highlighting the persistent rise in mortgage rates over the past year.