Mortgage rates

The 30-year average declined for the fifth consecutive week, as purchase demand picking up at the same time, according to Freddie Mac.

Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.

Broader economic factors, including growing household debt, are also likely to keep the housing market stagnant, Freddie Mac said.

Public policy experts debated the effect of rising rates on the mortgage market, the impact on homebuyers and ways that Fannie Mae and Freddie Mac could exit conservatorship at the National Mortgage News Digital Mortgage Conference.

Even as Freddie Mac's survey put rates at their highest since December 2000, factors like rising oil prices and a government shutdown could slow the economy.

Overall rate locks dropped 1.5% on a month-to-month basis; the drop in purchase volume was higher at 1.9%, Black Knight said.

Key data points have shown price and wage pressures continue to dissipate, which should bolster the case for an end to rate increases, but strong labor-market activity may keep policymakers uneasy.

The average for a 30-year home loan marked the fourth straight week of increases, according to Freddie Mac.

But a Zillow economist argues that there's plenty of evidence suggesting strong GDP and job growth had more to do with the increase than what Fitch did.

There's divergence of opinions between one more rate hike this cycle and no further actions.

The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

A potential pause in the cycle by the Federal Open Market Committee is welcomed by housing industry observers, but inflation and inventory hinder activity.

Both 30- and 15-year averages dropped for the first time in six weeks, as investors flocked to safety of 10-year Treasuries.

The increase reflects the rise in the 10-year Treasury yield, which is back above 4% for the first time since that month.

Persistent inflation concerns drove the 30-year average up 41 basis points this month.

Federal Reserve Bank of Kansas City President Esther George said the central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.

The 30-year fixed rate surged 15 basis points from a week earlier but ends 2022 at more than twice its mark from a year ago.