By Anna Bahney, CNN BusinessAfter rising for six weeks in a row, mortgage rates retreated last week. Mortgage rates have more than doubled since the start of this year as the Federal Reserve continues its unprecedented campaign of hiking interest rates in order to tame soaring inflation. But uncertainty about the possibility of a recession and the impact of rate hikes on the economy have made mortgage rates more volatile. “Mortgage rates decreased slightly this week due to ongoing economic uncertainty,” said Sam Khater, Freddie Mac’s chief economist. The Fed does not set the interest rates borrowers pay on mortgages directly, but its actions influence them.

Source: CNN October 06, 2022 16:56 UTC