The average 30-year-fixed rate mortgage declined one basis point from the week prior to 3.55% during the week ending Jan. 27, according to the latest Freddie Mac PMMS Mortgage Survey.

A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe rates will continue to climb in the weeks and months ahead.

“Following a month-long rise, mortgage rates effectively stayed flat this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “We do expect rates to continue to increase but at a more gradual pace.”

The rise in mortgage rates moved in concert with the 10-year details ⇒

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