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Will U.S. 30-Year Fixed Mortgage Rates Exceed 7.5% by March 31, 2025?
4
Resolution / Starting Odds
Yes • 50%
No • 50%
Freddie Mac's weekly Primary Mortgage Market Survey (PMMS)
Story
U.S. 30-Year Fixed Mortgage Rates Hit 7.04%, Highest Since May 2024: Freddie Mac
Jan 16, 2025, 05:01 PM
U.S. mortgage rates have risen above 7% for the first time since May 2024, marking the highest level in eight months. According to Freddie Mac, the average rate on a 30-year fixed mortgage increased to 7.04% from 6.93% the previous week. Data from the Mortgage Bankers Association (MBA) showed the 30-year mortgage rate at 7.09% last week. This increase reflects a rise in the yield on the 10-year U.S. Treasury, which influences mortgage rates. The uptick in rates comes amidst strong economic data and persistent inflation, which have contributed to the climb. Despite the rise, mortgage applications surged by 33.3% last week, though this increase is partly attributed to seasonal volatility. The higher rates are expected to continue pressuring potential homebuyers, exacerbating affordability challenges in the housing market.
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