Mortgage Rates Rise Amid Persistent Inflation

By Will Feuer

Mortgage rates rose again this week after the consumer-price index, a closely watched inflation indicator, rose more than expected in January from a year earlier.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 6.32% from 6.12% the prior week. A year ago, the average rate was 3.92%.

The average 15-year rate rose to 5.51% from 5.25% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 3.15%.

"Mortgage rates moved up for the second consecutive week," said Sam Khater, Freddie Mac's chief economist. "The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 16, 2023 12:14 ET (17:14 GMT)

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