Mortgage rates start 2023 twice as high as they were a year ago | CNN Business

The 30-year fixed-rate mortgage averaged 6.48% in the week ending January 5, up from 6.42% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.22%. Mortgage rates rose throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of harsh interest rate hikes to tame soaring inflation. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak.

“With a Federal Reserve committed to bringing inflation down, investors expect business investments and consumer spending to pull back,” said Ratiu. “However, with most Americans still employed and seeing modest pay gains, the pullback in spending has yet to meaningfully materialize.” Job loss is a big part of a recession, and it isn’t yet happening on a broad level.

Everyone working but sleeping in their parents garages.. Awesome work world govts

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