Average 30-year fixed mortgage rates decreased to 6.47% this week, down from 6.52% last week, according to Freddie Mac data released Thursday.

Federal Reserve Signals Potential Rate Hike

The Federal Reserve, led by President Donald Trump appointee Kevin Warsh, indicated it may consider raising interest rates later this year in response to the latest inflation spike tied to the US-Iran war.

Pending home sales in May increased by 3.8% month-over-month and 4.8% year-over-year, according to a report by the National Association of Realtors.

NAR chief economist Lawrence Yun stated, ‘A late spring buyer rush — even with mortgage rates not budging — is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal.’

Original reporting: El Paso News (HLL/CB) — read the source article.