Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. The standard, 30-year fixed-rate mortgage averaged just shy of 7% in the final week of 2024 ending on January 2, according to data from mortgage financing giant Freddie Mac.

After dipping for two days, 30-year mortgage rates edged higher, again nearing their highest level since early July. Rate movement was mixed for other loan types.

Mortgage rates climbed again for a third consecutive week to the since since July, with the 30-year fixed-rate average rising to just under 7% as the housing market remains stalled.

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS ®), as of January 2, 2025, mortgage rates have surged to their highest point in nearly six months, with the 30-year fixed-rate mortgage (FRM) averaging 6.

“Inching up to just shy of 7%, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “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.”

TWO top mortgage lenders have kick-started the New Year by cutting rates as experts say there could be more price falls to follow. Halifax has chopped rates for remortgages by up to 0.35% while

Rates likely to fall below historical norms, as the typical interest on home loans over the last half century clocks in at 7.7%.

Mortgage rates rose again last week, leaving them near 7% to start the year. The average 30-year fixed-rate mortgage rose to 6.91% in the week through Wednesday, from 6.85% as of Dec. 26, according to Freddie Mac data.