US mortgage rates increase for the first time since October

(CNN)– Mortgage rates have increased for the first time since October.

According to data from Freddie Mac, the rates inched up to an average of 6.62% this week.

That is up slightly from 6.61% from the previous week.

Rates have been falling after reaching a 23-year-high in October.

Economists are expecting the trend will continue as the federal reserve has signaled that rate cuts will be on the way and inflation has continued to slow down.