Mortgage rates have experienced fluctuations over the last few months, with a general upward trend in recent weeks. As of January 15, 2025, the average 30-year fixed-rate mortgage stands at 7.01%, reflecting a slight increase from earlier this year — and from the rates we saw in late 2024.

Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

Federal Reserve policymakers may be able to reduce interest rates a couple of times this year, traders bet on Wednesday, after a government report helped allay fears that inflation was accelerating in the final full month of Joe Biden's presidency.