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

Mortgage rates inched up even though the Federal Reserve cut interest rates. Experts explain why this is a short-lived phenomenon.