Average mortgage rates close 2024 at the highest since July

(NewsNation) — Average mortgage rates will end the year on a high note — financially.

This week, the housing market saw its highest 30-year mortgage rate since July at 6.85%, according to data from Freddie Mac, or the Federal Home Loan Mortgage Corporation. That's up from last week and up from 6.61% during the same time last year.

"While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes," said Sam Khater, Freddie Mac’s chief economist, in a news release. "A strong economy can help build momentum heading into the new year and potentially boost purchase activity.”

The 15-year mortgage rates also climbed from 5.92% last week to 6% this week.

These mortgage rates come after the Federal Reserve cut interest rates last week. Now, market players are looking to see how next year plays out with President-elect Donald Trump's policy initiatives and how they will impact inflation, and in turn, mortgage rates.

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Average mortgage rates close 2024 at the highest since July

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