Mortgage Rates Increase After Three Consecutive Weeks Of Declines

(RTTNews) - Mortgage rates, or interest rates on home loans, increased this week following three consecutive weeks of declines, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.72 percent as of December 19, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.

The 15-year FRM averaged 5.92 percent, up from last week when it averaged 5.84 percent. A year ago at this time, the 15-year FRM averaged 5.95 percent.

"This week, mortgage rates crept up to a similar average as this time in 2023," said Sam Khater, Freddie Mac's Chief Economist. "For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity."