Mortgage Rates Start 2023 Higher Than A Year Ago
- Seattle, Portland, San Francisco
- 2023/01/26
After 6-wk of falling mortgage rates, interest rates ↑ again in early Dec after a slight increase the week before. The 30-yr fixed-rate mortgage averaged ~6.5% in the week ending January 5, ↑ from ~6.4% the week prior. Mortgage rates ↑ throughout most of 2022, spurred by the Fed’s campaign of harsh interest rate hikes to tame inflation. But mortgage rates ↓ in Nov and Dec showed inflation may have finally reached its peak.
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