File - Carpenters work on a home on Sept. 19, 2023, in Marshall, N.C. On Thursday, May 30, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. .
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing up the average rate to 6.36% from 6.24% last week. A year ago, it averaged 6.18%, Freddie Mac said. The Fed has been holding the federal funds rate at the highest level in more than two decades in hopes of grinding down on the economy enough to get high inflation fully under control. The central bank has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target.
The overall uptick in rates have been an unwelcome development for home shoppers in the midst of the spring homebuying season, traditionally the busiest time of the year for home sales. On average, more than one-third of all homes sold in a given year are purchased between March and June. The National Association of Realtor’s pending home sales index fell 7.7% in April from the previous month, the trade group said Thursday. April's drop in pending home sales is the first since January.
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