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.

The December inflation report shows that inflation rose by 0.4% month over month and 2.9% year over year. NBC News' Brian Cheung and Editor-in-Chief at Investopedia Caleb Silver break down the latest economic data.