Mortgage rates rise again, finishing the year at 6.85% — just about the way they started
December 26, 2024
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Mortgage rates rose again this week to end the year slightly higher than where they began.
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The average 30-year fixed-rate mortgage rate was 6.85% for the week through Wednesday, according to Freddie Mac data. That’s up from 6.72% a week earlier.
Average 15-year mortgage rates rose to 6% from 5.92%.
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“Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.”
The latest increase in rates follows the Federal Reserve’s meeting and interest rate cut last week. There, central bank officials signaled that they’re likely to cut benchmark interest rates just twice next year, while many analysts and economists had expected as many as four reductions in 2025.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
Mortgage rates move largely on expectations about the direction of interest rates in the future — and the new information suggesting benchmark rates will stay higher for longer sent mortgage rates rising.
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30-year mortgage rates spent much of 2024 in the 6% to 7% range, though the path was choppy. They peaked in May at 7.22% before falling for much of the summer to as low as 6.08% in September.
In recent weeks, uncertainty about President-elect Donald Trump’s economic policies, coupled with the Fed’s slower rate-cutting timeline, pushed rates closer to 7% once again.
Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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