Mortgage rates fall slightly, but still hover above 5%
CNN
Mortgage rates took a breather last week, dropping slightly after seven consecutive weeks of increases.
The 30-year fixed-rate mortgage averaged 5.10% in the week ending April 28, a tick down from 5.11% the week before, according to Freddie Mac. But it's still significantly higher than the rate this time last year, when the 30-year fixed rate averaged 2.98%.
"The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand," said Sam Khater, Freddie Mac's chief economist.
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