Mortgage Interest Rates Forecast

Mortgage rates this week

Mortgage rates fell slightly the week ending Jan. 9, but this barely put a dent in the upward movement we saw over the holidays.

• The 30-year fixed-rate mortgage averaged 6.93% APR, down four basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

• The 15-year fixed-rate mortgage averaged 6.18% APR, down 11 basis points from the previous week's average.

• The 5-year adjustable-rate mortgage averaged 7.34% APR, down six basis points from the previous week's average.

Mortgage interest rates have mainly been on an upward trajectory since the Federal Reserve's latest rate cut on Dec. 18. This week's slight reprieve still leaves the average 30-year fixed rate at nearly 7%, and many lenders are publishing sample rates that are higher. Since this is a slow time of year for the housing market, many would-be buyers are likely less concerned with what mortgage rates are doing now and more curious about where they'll be come spring. With the level of uncertainty surrounding the change in administrations, it's a tough call — but keep reading to see our January predictions.