US Mortgage Rates Rise to 6.22% After Four Weeks of Declines

Mortgage rates in the US climbed after four weeks of declines, a reversal that will further strain affordability for buyers.

The average for 30-year, fixed loans was 6.22%, up from 6.17% last week, data from Freddie Mac show.

The rise in borrowing costs comes after the Federal Reserve cut its benchmark rate by a quarter-pointin its meeting last week. Chair Jerome Powell warned investors not to count on another cut in December.

For buyers who feel secure in their financial situation, slowing price growth could present an opportunity. In September, housing inventory reached the highest level since 2019, ...