Mortgage Rates Rise After Six Weeks Of Decline

Mortgage rates, or interest rates on home loans, rose this week after falling for six consecutive weeks, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.42 percent for the week ending December 29, 2022, up from 6.27 percent last week. A year ago at this time, the average rate was 3.11 percent.

The 15-year FRM this week averaged 5.68 percent, slightly down from 5.69 percent last week. A year ago at this time, the 15-year FRM averaged 2.33 percent.

"The housing market remains in the doldrums with declining sales, inventory and prices," said Sam Khater, Freddie Mac's Chief Economist. "The declines in sales and deceleration in home prices began swiftly earlier in 2022 but have moderated more recently. While the intensity of weakness is moderating, the market continues to decline and forward leading indicators suggest housing will remain weak throughout the winter."

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