In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.

At the same time, mortgage rates measured weekly by Freddie Mac descended to 6.09% this week, the 30-year fixed rate’s lowest level since early 2023. What gives? The Fed cut int

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.