We present a theoretical study of frequency correlations of light backscattered from a random scattering medium. This statistical quantity provides insight into the dynamics of multiple scattering processes accessible in theoretical and experimental investigations. For frequency correlations between field amplitudes, we derive a simple expression in terms of the path length distribution of the underlying backscattering processes. In a second step, we apply this relation to describe frequency correlations between intensities in the regime of weak disorder. Since, with increasing disorder strength, an unexplained breakdown of the angular structure of the frequency correlation function has recently been reported in experimental studies, we explore extensions of our model to the regime of stronger disorder. In particular, we show that closed scattering trajectories tend to suppress the angular dependence of the frequency correlation function.