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Updated · Bloomberg · May 28US 30-Year Mortgage Rate Rises to 6.53% as Buyers Bet Borrowing Costs Will Ease
13 articles · Updated · Bloomberg · May 28
- 6.53% was the average rate on a 30-year fixed mortgage this week, up from 6.51%, Freddie Mac said Thursday.
- That increase followed last week's sharpest jump since March, extending a recent rebound in borrowing costs.
- Pending home sales have remained strong despite the uptick, suggesting buyers still expect mortgage rates to fall in coming months.
Despite falling applications, pending home sales remain strong. Is the US housing market facing a slowdown or a surprising surge? Can new credit score and insurance rules truly boost affordability against the overwhelming pressure of soaring mortgage rates? With the Iran conflict fueling inflation, will the Fed be forced to hike rates, shattering hopes for cheaper mortgages?