M
ortgage rates surged to their highest levels in eight months, reaching 7.04 percent for a 30-year fixed-rate mortgage as of January 16, 2025, according to Freddie Mac's latest Primary Mortgage Market Survey.

    Freddie Mac's Chief Economist Sam Khater noted that rates have increased for five consecutive weeks and surpassed seven percent for the first time since May 2024. He attributed this rise to the economy's underlying strength. Despite higher rates, consumers can still save money by shopping around for lender quotes, according to Freddie Mac research.

    Key mortgage rate statistics:

    * The 30-year FRM averaged 7.04 percent as of January 16, up from last week's average of 6.93 percent and 6.60 percent a year ago.

    * The 15-year FRM averaged 6.27 percent, increasing from last week's average of 6.14 percent and 5.76 percent a year ago.