Mortgage rates increased for the second week in a row, continuing a trend that has slowed the housing market.
The average rate on a 30-year fixed mortgage rose to 5.66% this week, according to a Freddie Mac survey of lenders released Thursday. That is nearly double the rate from a year earlier and not far from the 5.81% peak reached in June, the highest level since 2008. The average rate was 3.22% at the start of 2022.