Mortgage rates fell for a second consecutive week, but still remain above 5%.
The 30-year, fixed-rate mortgage averaged 5.10% in the week ending May 26, down from 5.25% the week before, according to Freddie Mac. It is still well above the 2.95% average from this time last year.
“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” said Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.”
Buyers are finding homes even less affordable as inflation takes a larger chunk of their income and the cost of borrowing has reduced their purchasing power. Rates have risen sharply since January, pushing the cost of financing a home significantly higher for buyers.
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