The average long-term U.S. mortgage rate edged down for the first time in two months following a swift rise to its highest level in more than a decade.
FILE - An advertising sign for building land stands in front of a new home construction site in Northbrook, Ill., Wednesday, June 23, 2021. Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade. The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday, April 21, 2022.
After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from 5.11% last week, mortgage buyer Freddie Mac reported Thursday. Last week's average rate was the highest since April of 2010. One year ago the 30-year rate stood at 2.98%. Last week, the National Association of Realtors reported that sales of previously occupied U.S. homes fell in March to the slowest pace in nearly two years with surging mortgage rates and record-high prices sidelining would-be homebuyers just as the spring buying season begins.
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