
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.
More Related News