Mortgage Rates Increased For First Time In Over Two Months

Rates reached a 23-year high of 7.79% at the end of October but have since consistently decreased up until this week.

Mortgage rates have increased for the first time in nine weeks.

The 30-year-fixed rate mortgage averaged 6.62% this week which is up from 6.61% last week. This time a year ago, the average 30-year-fixed rate was 6.48%.

Despite the slight increase, mortgage rates have declined over the past few months which granted a breather for homebuyers who have been struggling in one of the least affordable home buying markets in decades.

Rates reached a 23-year high of 7.79% at the end of October but have since consistently decreased up until this week.

Though mortgage rates are lower, homebuyers are still dealing with challenges of low inventory and high home prices that continue to rise.