Mortgage rates were down this week after being up for the past five weeks.

<div class="block">Mortgage rates were down this week after being up for the past five weeks.</div>

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Mortgage Rates Down This Week After Several Increases

Mortgage rates are down this past week. After increases in the previous five weeks, the average rate for a 30 year fixed mortgage was 7.18% for the week ending yesterday. That's according to data from finance company Freddie Mac, that's also down 7.23% the week. It is though still up from 5.66% a year ago. Freddie Mac, chief economist says it's hard to forecast where rates will go next due to recent volatility but that there will be a clearer picture after the Federal Reserve's next decision on interest rate hikes coming later this month.