FMCC Federal Home Loan Mortgage Corporation (QB)

By Dean Seal

Mortgage rates pulled back this week amid signs that inflation is cooling, with the average rate on the popular 30-year fixed-rate mortgage slipping back below 7%.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage fell to 6.61% from 7.08% last week. A year ago, the average rate was 3.1%.

Average 15-year rates were 5.98%, down from 6.38% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.39%.

"Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked," said Sam Khater, Freddie Mac's chief economist. "While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 17, 2022 12:14 ET (17:14 GMT)

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