Long-term mortgage rates rose slightly this week after seven consecutive weeks of decline.
30-year fixed-rate mortgage averaged 6.42% for the week ending Dec. 29, up from last week when it averaged 6.27% and higher than 3.11% a year ago, according to the Freddie Mac Primary Mortgage Survey.
15-year fixed-rate mortgage averaged 5.68%, down from last week when it averaged 5.69% and higher from 2.33% a year ago.
“The declines in sales and deceleration in home prices began swiftly earlier in 2022 but have moderated more recently,” Sam Khater, Freddie Mac’s chief economist, 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,” Khater added.