Mortgage Rates in America Above 7 Percent, Again

Rates hit highest levels in 8 months in early 2025

Based on Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.04 percent as of January 16, 2025.

Sam Khater

“Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024,” said Sam Khater, Freddie Mac’s Chief Economist. “The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”

Freddie Mac News Facts

• The 30-year FRM averaged 7.04 percent as of January 16, 2025, up from last week when it averaged 6.93 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent.
• The 15-year FRM averaged 6.27 percent, up from last week when it averaged 6.14 percent. A year ago at this time, the 15-year FRM averaged 5.76 percent.