Mortgage Rates Continue to Trend Up

January 9, 2024
In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7 percent. The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability. The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.

Information provided by Freddie Mac.

Mortgage Rates Reach Highest Point Since July

January 2, 2024
Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months. Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.

Information provided by Freddie Mac.

Mortgage Rates Continue to Rise

December 26, 2024
Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month. While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.

Information provided by Freddie Mac.

Heading into the Holidays, Mortgage Rates Increase

December 19, 2024
This week, mortgage rates crept up to a similar average as this time in 2023. 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.

Information provided by Freddie Mac.

Mortgage Rates Continue to Drop

December 12, 2024
The 30-year fixed-rate mortgage decreased for the third consecutive week. The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.

Information provided by Freddie Mac.

Mortgage Rates Continue to Decrease

December 5, 2024
This week, mortgage rates decreased to their lowest level in over a month. Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.

Information provided by Freddie Mac.

The 30-Year Fixed-Rate Mortgage Inches Down

November 27, 2024
The 30-year fixed-rate mortgage moved down this week, but not by much. Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.

Information provided by Freddie Mac.

Mortgage Rates Tick Up

November 21, 2024
Mortgage rates ticked back up this week, continuing to approach 7 percent. Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.

Information provided by Freddie Mac.