Mortgage rates reversed course this week after several weeks of declines, but continue to make small moves around the mid- to upper sixes. 

This week the 30-year fixed-rate mortgage (FRM) averaged 6.72%, up from last week’s average of 6.60%, according to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday. 

“This week, mortgage rates crept up to a similar average as this time in 2023,” said Sam Khater, Freddie Mac’s chief economist. “For the most part, mortgage rates have moved between 6 and 7% over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.”

This week’s numbers: 

• The 30-year FRM averaged 6.72% as of December 19, 2024, up from last week when it averaged 6.60%. A year ago at this time, the 30-year FRM averaged 6.67%.
• The 15-year FRM averaged 5.92%, up from last week when it averaged 5.84%. A year ago at this time, the 15-year FRM averaged 5.95%.

Realtor.com Senior Economic Research Analyst Hannah Jones, commented, “Generally, we expect mortgage rates to ease and home prices to tick higher in the coming year, resulting in very little, if any, change in the cost to purchase a home. However, buyers in many areas…will be in a more favorable position as more new and existing homes are listed for sale. 

Jones added, “At the national level, we expect that buyers will enjoy a balanced housing market in 2025 for the first time in nearly a decade. Though the market is expected to be the most buyer-friendly since 2016, it will not cross into buyer’s-market territory, meaning sellers will also be in a good position next year.”

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