The average U.S. 30-year fixed mortgage rate (“FRM”) was 6.16% as of 8 January, remaining nearly stable compared to the previous week's average of 6.15%. The 15-year fixed rate also saw minimal movement, averaging 5.46%. Both rates are substantially lower than their levels from a year ago, according to Freddie Mac.
Freddie Mac's Chief Economist, Sam Khater, noted that rates have stabilized near 6%, contributing to a strong increase in purchase activity. "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," Khater stated.
The 30-year rate is down from 6.93% recorded at the same time last year, while the 15-year rate has fallen from 6.14%.
