The pullback follows three straight weekly increases, which pushed up the average rate to its highest level since early November, when it climbed to 7.08%.
A look at a real estate sign on a home for sale. The average long-term U.S. mortgage rate eased back from a seven-month high this week, a welcome change for homebuyers navigating high borrowing costs and heightened competition for relatively few homes for sale.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, also fell this week, slipping to 6.07% from 6.18% last week. A year ago, it averaged 4.38%, Freddie Mac said. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers,” said Sam Khater, Freddie Mac’s chief economist.The U.S. housing market has been slow to regain its footing this year, limited by elevated mortgage rates and the thin inventory of available homes.
The dearth of homes on the market has helped prop up prices. The national median home price fell to $388,800 in April — down only 1.7% from a year earlier.
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