Mortgage Rates Creeping Back Up Toward 7%

January 6, 2025

Marketplace, Jan. 6, 2025-Mitchell Hartman

Mortgage rates have popped back up to near 7% — 6.91% was the average reported by Freddie Mac last week.

In May 2024, mortgage rates shot above 7% before falling back close to 6% in late summer in anticipation of the Federal Reserve starting to cut interest rates. But home-borrowing costs have been climbing higher again since early October.

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