Existing Home Sales Slid 17.8 Percent Last Year

Sales of existing homes fell 17.8% in 2022, marking the weakest sales performance since 2014 as interest rates climbed. Interest rates rose quickly last year, a factor that weighed on the residential real estate market. The 30-year fixed-rate mortgage averaged 6.15% as of Jan. 19, down from 6.33% last week, but up from 3.56% a year ago, according to Freddie Mac.

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Mortgage Rates Drop for Fifth Straight Week, Still More than Double from Year Ago

Mortgage rates continued a slow but steady decline over the past week, suggesting a small but notable reversal from the meteoric rise they underwent over the past year. 

Thirty-year fixed mortgage rates “averaged 6.31 percent as of December 15, 2022, down from last week when it averaged 6.33 percent,” Freddie Mac said in its weekly rate update on Thursday.

Fifteen-year rates, meanwhile, averaged 5.54%, down from 5.67% last week.

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