The numbers: Mortgage rates are back up while the U.S. housing market contends with weak demand from buyers.
The 30-year fixed-rate mortgage averaged 6.42% as of December 29, according to data released by Freddie Mac on Thursday.
That’s up 15 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.
Rates broke a six-week downward streak this week, as the housing market continues to suffer from a winter freeze.
Last week, the 30-year was at 6.27%. Last year, the 30-year was averaging at 3.11%
Rates are much lower than they were a month ago, when the 30-year was averaging above 7%.
The average rate on the 15-year mortgage slipped to 5.68%.
“The housing market remains in the doldrums with declining sales, inventory and prices,” Sam Khater, chief economist at Freddie Mac, said in a statement.
“The declines in sales and deceleration in home prices began swiftly earlier in 2022 but have moderated more recently,” he added.
“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 stated.
The yield on the 10-year Treasury note TMUBMUSD10Y, 3.827% dipped below 3.85% during the afternoon trading session on Thursday.
Got thoughts on the housing market? Write to MarketWatch reporter Aarthi Swaminathan at firstname.lastname@example.org