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Freddie Mac Mortgage Rates Edge Up to 6.66% Average

By
Diccon Hyatt
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Full Bio
Diccon Hyatt is an experienced financial and economics reporter who has covered the pandemic-era economy in hundreds of stories over the past two years. He's written hundreds of stories breaking down complex financial topics in plainspoken language, emphasizing the impact that economic currents would have on individuals' finances and the market. He's also worked at The Balance, U.S. 1, Community News Service and the Middletown Transcript.
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Published January 11, 2024
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Key Takeaways

  • The average mortgage rate rose to 6.66% for a 30-year fixed mortgage this week, up from 6.62% the week before, as measured by Freddie Mac.
  • It was the second weekly increase after a string of declines, which have somewhat brightened a still fairly bleak picture for homebuyers.
  • Forecasters expect rates to decline through 2024.

The recent descent of mortgage rates was interrupted for a second week, as the average rate ticked upward again.

The average rate offered for a 30-year fixed mortgage rose to 6.66% from 6.62%, mortgage giant Freddie Mac said Thursday. In late October the average hit 7.79%, its highest in more than 20 years, but had been falling since the fall peak. It was the second week that rising rates interrupted that steady decline.

Mortgage rates have fallen on signals that the Federal Reserve will reduce its benchmark interest rate later this year, walking back the series of anti-inflation interest rate hikes since March 2022. That’s made the market a little less hostile for would-be homebuyers, who are facing a dismal combination of heightened mortgage rates, record-high prices, and few homes for sale. However, forecasters expect conditions to improve as 2024 goes on.

Article Sources
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