The National Association of Realtor (NAR) reports that the 30-year fixed-rate mortgage jump to a 7.04% average the week of January 12, 2025. This is the first time this rate has crossed the 7% threshold since May of 2024. NAR Chief Economist Lawrence Yun commented that, "[t]he conquering of inflation will be a key factor in bringing down mortgage rates, which, so far, have refused to budge, even as the Federal Reserve has been cutting other interest rates." Yun expects mortgage rates to move slightly lower, just in time for the spring buying season. For more information, visit Mortgage Rates Surge Above 7%, Defying Expectations.
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