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What will be the US 30-year fixed mortgage rate by June 30, 2025?
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Resolution / Starting Odds
Below 6.5% • 25%
6.5% to 7.0% • 25%
7.0% to 7.5% • 25%
Above 7.5% • 25%
Freddie Mac's weekly mortgage rate survey
Story
US Mortgage Rates Hit 7.04%, Highest Since May 2024; Applications Jump 33%
Jan 16, 2025, 05:03 PM
US mortgage rates have risen above 7%, reaching their highest level since May 2024. According to Freddie Mac, the average rate on a 30-year fixed mortgage increased to 7.04% from 6.93% in the previous week, marking the fifth consecutive weekly increase. The Mortgage Bankers Association reported that the 30-year fixed rate hit 7.09%. Despite the rise in borrowing costs, mortgage applications surged by 33.3% in the week ended January 10, marking the largest weekly increase since March 2020. The mortgage market index rose to 224.4, with the purchase index increasing to 162.0 and the refinance index soaring to 575.6. The uptick in mortgage applications comes amid soaring borrowing costs and limited housing supply, posing challenges to would-be homebuyers.
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Other • 25%
Remain between 6.5% and 7.49% • 25%
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7.3% - 7.5% • 25%
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Fall below 150 • 25%
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