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Mortgage rates have been climbing since mid-December, with an average 30-year fixed-rate mortgage reaching 6.96% in January, before easing after the bond market stabilized following President Donald Trump’s postponement of tariffs until Feb. 1, the National Association of Home Builders (NAHB) reports.
The average rate for a 30-year fixed-rate mortgage rose 24 basis points (bps) from December, extending a two-year trend of fluctuations between 6% and 7%, according to Freddie Mac. The 15-year fixed-rate mortgage increased 23 bps to land at 6.13%.
The 10-year treasury yield averaged 4.63% in November. Upward pressure on yields is caused by a strong economy paired with ongoing uncertainty due to tax cuts and tariffs, according to the NAHB.
