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    Home » US Mortgage Rates Edges Down, but Still Averages Over 5%, Highest Level Since 2020
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    US Mortgage Rates Edges Down, but Still Averages Over 5%, Highest Level Since 2020

    April 28, 20221 Min Read
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    The US housing market is bracing for a tough period after mortgage rates rose at the fastest rate in decades.

    • The average for a 30-year loan was 5.10%, slightly lower than 5.11% last week. The 30-year average has increased nearly two percentage points from the end of last year.
    • Even though the extra costs are pushing out prospective buyers, competition remains fierce, driving up prices.
    • With low inventories, sales are starting to stall. A measure of contracts to purchase initially owned homes fell in March for a fifth straight month, hitting the lowest level since May 2020.

    The last period mortgage rates were this high, the median sales price of an existing U.S. home stood at $172,300. Today, it’s more than double that, after rising to a record $375,300 last month.

    DXY up +0.60%, EURUSD down -0.42%

    Source: Bloomberg

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