Mortgage rates kick off 2025 with an increase, nearing 7%
Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis reveal the state of the US economy heading into the new year.
Mortgage rates they rose for a third week in a row to the highest reading since July, further hampering demand in an already stagnant housing market.
Freddie Mac’s latest primary mortgage market survey, released Thursday, showed that the average interest rate on the benchmark 30 year fixed mortgage jumped to 6.91%, compared to 6.85% last week. The average 30-year loan rate was 6.62% a year ago.
Mortgage rates continued to rise this week, with the 30-year fixed rate averaging close to 7%. (Getty Images/Getty Images)
“Mortgage rates are at their highest point in nearly six months, at just under seven percent,” said Sam Cutter, chief economist at Freddie Mac “.
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The average 15-year fixed mortgage rate rose to 6.13% from 6.0% last week.The 15-year fixed rate averaged 5.89% a year ago.
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