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s of January 2, 2025, the average rate for a 30-year fixed-rate mortgage (FRM) reached its highest point in nearly six months, according to Freddie Mac's latest Primary Mortgage Market Survey. The 30-year FRM averaged 6.91 percent, up from last week and significantly higher than this time last year when it was 6.62 percent.

    Freddie Mac's Chief Economist, Sam Khater, notes that while mortgage rates have increased, pending home sales are rising, indicating a shift in buyer behavior. Despite the market's ongoing affordability challenges, buyers appear to be more willing to enter the market.

    The 15-year FRM also saw an increase, averaging 6.13 percent as of January 2, 2025, up from last week and higher than this time last year when it averaged 5.89 percent.