The current average mortgage rate on a 30-year fixed mortgage is 7.34%, compared to 7.29% a week earlier, according to Curinos. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.

Mortgage interest rates pulled back a little this week, but it was hardly enough to erase the past three weeks' gains. The week ending Jan. 9, the average rate on the 30-year fixed-rate mortgage fell four basis points to 6.93%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.

As we step into the new year, with the presidential inauguration on the horizon, many are wondering about the direction of interest rates.

Mortgage rates are starting 2025 at the highest they've been since last summer on expectations that the Fed will keep rates higher longer.

There aren't likely to be any dramatic dips in mortgage rates in the near future. New year, new housing market? Not exactly. In early 2025, affordability remains a major challenge for prospective homebuyers,