Mortgage rates tick up as Fed signals delay on interest rate cuts: Freddie Mac

Mortgage rates reversed course this week and headed north of 7% again, following several weeks of decline, according to Freddie Mac. The average 30-year fixed-rate mortgage was 7.03% for the week ending May 30, according to Freddie Mac's latest Primary Mortgage Market Survey. That's an increase from the previous week when it averaged 6.94% and up from 6.79% a year ago. The average rate for a 15-year mortgage was 6.36%, up from 6.24% last week and up from 6.18% last year.

Home sales dipped in April as homebuyer affordability continued to be affected by high borrowing costs. Pending home sales declined 7.7% compared to last month and are down 7.4% compared to one year ago. "Pending home sales tend to lead existing home sales by roughly one-to-two months and are a good indicator of market conditions," Realtor.com Senior Economic Research Analyst Hannah Jones said. "Mortgage rates hovered around 6.

Home prices reached a new high in March and are now 6.5% above their level last year, on par with the increase registered in February, according to the latest S&P CoreLogic Case-Shiller national home price index report. San Diego registered the highest year-over-year gain, with an 11.1% increase in March. New York and Cleveland followed in second place, registering an annual growth of 9.2% and 8.8%, respectively.

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