Mortgage rates increase after six weeks of declines

December 29, 2022 | Gabriella-Cruz Martinez | Yahoo! Money

Mortgage rates increased this week, breaking their six-week streak of declines just ahead of the new year.

The average rate on the 30-year fixed mortgage rose to 6.42% from 6.27% the week prior, according to Freddie Mac. That marked the first increase since mid-November when rates began retreating after the Federal Reserve signaled it would slow its interest-rate hikes amid cooling inflation.

Overall, mortgage rates have doubled this year, and that — combined with elevated home prices and surging inflation — has smothered home buying activity. As fears of a recession grow, few economists expect housing conditions to improve significantly in the short term.

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