Mortgage Rates Up Ahead of Housing Market's Lean Winter

By Dean Seal

Mortgage rates trended higher in another mixed week, with the average rate on the popular 30-year fixed-rate mortgage jumping as the housing market prepares for a weak winter.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 6.42% from 6.27% the prior week. A year ago, the average rate was 3.11%.

Average 15-year rates slid to 5.68% from 5.69% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.33%.

"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," he said. "While the intensity of weakness is moderating, the market continues to decline and forward leading indicators suggest housing will remain weak throughout the winter."

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

December 29, 2022 12:15 ET (17:15 GMT)

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