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Mortgage Rates Inch Up

January 25, 2024 — 01:02 pm EST

Written by RTTNews.com for RTTNews

(RTTNews) - After hitting the lowest level in eight months last week, Mortgage rates, or interest rates on home loans, inched up this week, but still remains at mid-six percent range, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.69 percent as of January 25, 2024, up from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 6.13 percent.

The 15-year FRM averaged 5.96 percent, up from last week when it averaged 5.76 percent. A year ago at this time, the 15-year FRM averaged 5.17 percent.

"The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week," said Sam Khater, Freddie Mac's Chief Economist. "Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace."

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