Mortgage rates inch down for second straight week

The average 30-year fixed mortgage rate dropped closer to 7% this week, declining to 7.02% from 7.09% a week prior,A separate measure tracking daily rate movement also showed rates falling over the last seven days, settling at 6.

Mortgage rates have climbed more than half a point since last May, worsening affordability over the last 12 months. According to the MBA, monthly mortgage payments have increased more than 5% compared to a year ago. The national median payment surpassed $2,200 in March from $2,184 the previous month.

At the current average rate, a homebuyer would pay $1,600 monthly on a $300,000 home with a 20% down payment, according to the, a broad measure of the cost of everyday goods and services, showed a slight slowdown in price acceleration in April. However,they're looking for sustained signs of progress before lowering benchmark rates, which would in turn ease borrowing costs for homebuyers.

"We're hearing from the Fed that they're watching inflation… it's not coming down as fast as they even expected," Lautz said. "So I think with that, mortgage rates are staying higher." Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more

Source: Loan Digest (loandigest.net)

National Association Of Realtors Freddie Mac Mortgage Bankers Association Jessica Lautz Straight Weeks Deputy Chief Economist Prospective Homebuyers Difficult Situation

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