Average long-term U.S. mortgage rates edged down slightly this week, though interest rates on the key 30-year home loan remain at decade-high levels.
FILE This is a home sold in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Average long-term U.S. mortgage rates resumed their ascent this week, Thursday, May 5, 2022, as the key 30-year loan reached its highest point since 2009. – Average long-term U.S. mortgage rates edged down slightly this week, though interest rates on the key 30-year home loan remain elevated.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, edged up to 4.32% from 4.31% last week. Higher borrowing rates appear to be slowing the housing market, a crucial sector of the economy. In April, sales of both existing homes and new homes showed signs of faltering, worsened by sharply higher home prices and a shrunken supply of available properties.Homeownership has become an increasingly difficult aspiration, especially for first-time buyers. Besides staggering inflation, rising mortgage rates and soaring home prices, the supply of homes for sale continues to be scarce.
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