Mortgage rates

The product, as well as the housing market, is different today than what it was two decades ago, where some feel it was a cause of the financial crisis.

However, with the market continuing to shift more in favor of homebuyers, home prices should move lower, aiding affordability in the weeks ahead.

However, the 30-year fixed rate mortgage is still 14 basis points lower than it was for the same week last year, the Freddie Mac survey reported.

While more consumers claim they can't tell whether now is a good time to purchase a home, over half of prospective buyers said the market is better than it was in 2024.

The yield on 10-year benchmark Treasuries was up about three basis points following Wednesday's sale, after earlier climbing more than five basis points. 

The Mortgage Bankers Association's measure of refinancing dropped 7.1% to 634.1 in the week ended May 23.

Purchases of new single-family homes increased 11% last month to a 743,000 annual rate, the highest level since February 2022, according to government data.

The 14.3% rate for deals withdrawn in any April is the highest level other than in Covid-impacted 2020, as homebuyers reexamine the market, Redfin said.

Yields on the 10-year Treasury have been climbing because of the Moody's U.S. downgrade, the tax bill under debate in Congress and possible GSE reform.

The unexpected drop to the slowest pace in seven months was driven by ongoing affordability constraints and is a lackluster start to the Spring selling season.