Mortgage Rates Decline Modestly

Published January 31, 2025

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 30. The survey indicated the 30-year fixed mortgage rate persistently lingering around 7%.

This week, the 30-year fixed rate mortgage averaged 6.95%, down from last week’s average of 6.96%. Last year at this time, the 30-year fixed rate mortgage averaged 6.63%.

The 15-year fixed rate mortgage averaged 6.12% this week, down from last week’s average of 6.16%. During the same week last year, the 15-year fixed rate mortgage averaged 5.94%.

"The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%,” said Freddie Mac’s Chief Economist, Sam Khater. "Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”

Based on published national averages, the savings rate was 0.41% as of 1/21. The one-year CD averaged 1.82%.

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