The 30-year fixed-rate mortgage averaged 6.16% for the week ending Jan. 8, remaining largely flat to start the new year, according to the latest data from Freddie Mac.

Despite the minor one-basis-point increase, the long-term trend favors borrowers: A year ago at this time, the 30-year average stood at 6.93%.

“In the first full week of the year, mortgage rates remained within a narrow range, hovering close to the 6% mark,” said Sam Khater, Freddie Mac’s chief economist, in a press release accompanying the survey results. “The combination of solid economic growth and lower rates has led to improving momentum in for-sale residential demand, with purchase applications up over 20% from a year ago.”

The survey also tracks the 15-year fixed-rate mortgage, a popular option for homeowners looking to refinance or pay off debt faster. The 15-year rate averaged 5.46%, up slightly from last week’s 5.44%. Similar to the 30-year product, the 15-year rate has improved notably over the last 12 months, down from an average of 6.14% in early January 2025.

While Freddie Mac highlighted the strong year-over-year rebound, data from the Mortgage Bankers Association (MBA) for the two weeks ending Jan. 2 captured the immediate impact of the holiday season, with mortgage applications falling by a seasonally adjusted 9.7% during the preceding two-week period.

“Mortgage rates fell to a 16-month low to start 2026, but overall mortgage application activity declined 10% over the holiday period, driven by weaker purchase demand,” MBA President and CEO Bob Broeksmit said in a statement released Thursday.

But Broeksmit also noted that the current rate environment is actively bringing homeowners back to the table.

“Refinance activity increased as homeowners took advantage of lower rates,” he added. “MBA expects housing conditions to improve in 2026, with total originations rising 8% to $2.2 trillion.”

This positive outlook draws from MBA’s year-over-year data. While purchase applications softened during the holiday weeks, they remain 10% higher than the same time last year. Furthermore, the association’s refinance index is 133% higher than last year’s levels, with the refinance share of mortgage activity increasing to 56.6% of total applications in its most recent survey.

Freddie Mac’s weekly rate survey is calculated using mortgage rates collected from thousands of loan applications submitted to the government-sponsored mortgage investor from lenders across the country. The MBA survey covers 75% of all U.S. retail residential mortgage applications.