Freddie Mac’s benchmark rate for a 30-year mortgage increased to 6.91% for the week ending January 2, 2025. With this week’s increase, the 30-year rate is now more than 0.25 percentage points higher than a year ago.

Currently, the average interest rate on a 30-year fixed mortgage is 7.49%, compared to 7.34% a week ago, according to Curinos. For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.

After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.

Despite Fed interest rates continuing to decrease through the end of last year, mortgage rates have increased because the Federal Reserve does not directly control mortgage rates,

Mortgage rates continue to climb, jumping Friday to end the week at a new 7-month high. Rates rose for almost every other new purchase loan type as well.