Mortgage Rates Inch Up, But Still In The Mid-Six Percent Range

(RTTNews) - Mortgage rates, or interest rates on home loans, continues to hover at the mid-six percent range, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.66 percent as of January 11, 2024, up slightly from last week when it averaged 6.62 percent. A year ago at this time, the 30-year FRM averaged 6.33 percent.

The 15-year FRM averaged 5.87 percent, down from last week when it averaged 5.89 percent. A year ago at this time, the 15-year FRM averaged 5.52 percent.

"Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand," said Sam Khater, Freddie Mac's Chief Economist. "Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs."