New year, higher mortgage rates. What’s in latest Freddie Mac report?
January 10, 2025
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High mortgage interest rates have challenged home buyers in recent years, but 2024 at times brought modest rate declines that whittled the benchmark 30-year rate to 6.09% in late September.
The first full week of 2025? Not so much.
Mortgage guarantor Freddie Mac said in a market survey report Thursday the 30-year fixed-rate mortgage in the U.S. averaged at just below 7% as of Jan. 9. It’s the highest rate since July for what is considered the benchmark mortgage type:
- The U.S. 30-year fixed rate mortgage averaged 6.93%, up from the previous week’s 6.91% average. At this time a year ago, it averaged 6.66%, Freddie Mac said.
- The U.S. 15-year fixed rate mortgage averaged 6.14%, up from the previous week’s 6.13%. A year ago at this time, the same mortgage averaged 5.87%.
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“The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability,” Freddie Mac’s chief economist Sam Khater said in Thursday’s news release about the report on the average U.S. home mortgage rates as of Jan. 9. “The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”
High mortgage rates, and less inventory, make for squeeze for buyers
Around the country, higher rates compared to several years ago, coupled with fewer homes on the market, have made for a squeeze for prospective buyers. While the Federal Reserve made interest rate cuts, USA TODAY has reported that home-loan rates follow the bond market.
According to Realtor.com, in Westchester, Rockland and Putnam counties, the average 30-year fixed rate mortgage rate as of Jan. 10 was 6.99% and, for the 15-year, 6.03%.
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In late June, Westchester, Rockland and Putnam’s 30-year rate was 6.88% and, for the 15-year, 6.06%., the Journal News/lohud.com reported from Realtor.com data.
Leading real estate firms in the Lower Hudson Valley have reported in recent years a lower number of homes on the market and sales prices that continue to increase. While mortgage rates may play a role in the for-sale inventory, the region also experienced a surge in people buying homes during the pandemic in areas outside of New York City.
The U.S 30-year fixed rate began to rise significantly in 2022, after being at levels below 3 and 4%. It peaked at a high in late October 2023 of 7.79%, according to a lohud database.
In late June 2024, The Journal News/lohud.com reported that Freddie Mac said mortgage rates “receded from the highs seen in April and early May; moderating rates along with modest improvements in housing inventory should provide some respite to potential homebuyers.” At the time, 30-year fixed rate mortgages were at 6.87% on June 20, compared to 6.95% the week before, and it represented three straight weeks of declines. Fifteen-year mortgage rates were down to 6.13% from 6.17%.
In July, rates were back up. Then, in September 2024, at one point the 30-year mortgage rate had dropped to 6.09%, the lowest it had been in 18 months. It fluctuated upward during the rest of 2024.
USA TODAY contributed to this article.
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