Mortgage rates kick off 2025 with an increase, nearing 7%

Mortgage rates are up for a third straight week to the highest since July, further hindering demand in the already-stagnant housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 6.91%, up from last week's reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.

"Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months," said Sam Khater...