“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” says Sam Khater, Freddie Mac’s chief economist. “As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring home buying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 20:

*30-year fixed-rate mortgages: averaged 3.56%, with an average 0.7 point increase from last week’s 3.45% average. Last year at this time, they averaged 2.77%.

*15-year fixed-rate mortgages: averaged 2.79%, with an average 0.6 point increase, up from last week’s 2.62% average. A year ago, they averaged 2.21%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, January 20, 2022,” National Association of REALTORS® Economists’ Outlook blog