Freddie Mac’s Primary Mortgage Market Survey reported that the 30 year fixed rate mortgage averaged 6.18% for the week ending January 4, 2007. That figure remained unchanged from the prior week. One year earlier, the same mortgage averaged 6.21%.
The 15 year fixed rate mortgage averaged 5.94%, up slightly from 5.93% the previous week. At the same time last year, the 15 year rate averaged 5.76%.
Although the movement appears minimal, stable Nashville mortgage rates can influence buyer confidence and affordability in the Nashville housing market.
Why mortgage rates remained flat at the start of the year
Freddie Mac’s chief economist noted that mixed economic signals contributed to rate stability. A stronger manufacturing report suggested economic resilience. However, weaker private sector employment data pointed to softness in the labor market.
Construction spending for November declined but exceeded expectations. Because of these offsetting indicators, long term bond yields remained relatively steady. As a result, 30 year fixed rate mortgage levels began the year near the same levels seen one year earlier.
Mortgage rates often respond to overall expectations rather than individual reports. For this reason, mixed data frequently produces flat rate environments.
What flat mortgage rates mean for Nashville buyers
When mortgage rates remain stable, buyers can plan with greater certainty. Predictable financing costs help households evaluate purchasing power and monthly payment ranges.
In Nashville and across Middle Tennessee, stable rate environments often support consistent transaction activity. However, rates represent only one variable. Inventory levels, job growth, and migration patterns also influence local demand.
Monitoring Nashville mortgage rates remains an important part of evaluating broader housing conditions.
