mortgage rates edged higher over the past week as application activity continued to slow in the week ending thursday the average rate on a 30year fixedrate mortgage rose to 648 from 642 the prior week a year ago the average rate was 322 average 15year rates rose to 573 from 568 last week freddie mac said a year ago the 15year fixedrate mortgage rate averaged 243 mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market said sam khater freddie macs chief economist while mortgage market activity has significantly shrunk over the last year inflationary pressures are easing and should lead to lower mortgage rates in 2023 homebuyers are waiting for rates to decrease more significantly and when they do a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market he said moreover if rates continue to decline borrowers who purchased in the last year will have opportunities to refinance into lower rates write to will feuer at willfeuerwsjcom mortgage rates edged higher over the past week as application activity continued to slow in the week ending thursday the average rate on a 30year fixedrate mortgage rose to 648 from 642 the prior week a year ago the average rate was 322 average 15year rates rose to 573 from 568 last week freddie mac said a year ago the 15year fixedrate mortgage rate averaged 243 mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market said sam khater freddie macs chief economist while mortgage market activity has significantly shrunk over the last year inflationary pressures are easing and should lead to lower mortgage rates in 2023 homebuyers are waiting for rates to decrease more significantly and when they do a strong job market and a large demographic tailwind of millennial renters will provide support to the purchase market he said moreover if rates continue to decline borrowers who purchased in the last year will have opportunities to refinance into lower rates write to will feuer at willfeuerwsjcom