The 30-year fixed-rate mortgage averaged 6.95% as of Jan. 30, down a scant 0.01% from last week’s average of 6.96%, according to Freddie Mac.
Interest rates reached their highest point since early May when they peaked during the week of Jan. 16 at 7.04%. Since then, they have gradually decreased to the current level of 6.95%. One year ago, the 30-year rate was 6.63%.
The 15-year fixed-rate mortgage averaged 6.12% on Jan. 30, down from last week’s average of 6.16%. A year ago, the average rate was 5.94%.
Freddie Mac’s Chief Economist Sam Khater said that the 30-year fixed rate has generally remained between 6% and 7% for most of the past two and a half years.
“That trend continued this week, with the average rate remaining essentially flat at 6.95%,” said Khater. “Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”
