Mortgage rates push higher with no relief in sight: Freddie Mac

Mortgage rates have continued to climb, with the average 30-year fixed-rate reaching 7.22% as of the week ending May 2, marking a consistent rise over five weeks, according to Freddie Mac. The Federal Reserve's decision to maintain the federal funds rate between 5.25% to 5.5% suggests that high rates may persist, impacting affordability for homebuyers. This situation is compounded by high home prices, which have risen 6.4% over the past year, with no significant price reductions anticipated soon. As a result, more buyers are opting for adjustable-rate mortgages to secure lower initial rates.