Mortgage rates in the United States posted a slight decline but continued to hover around 12-year highs. XHB is up 0.23%, ITB is up 1.12%.
- The average 30-year loan rate stood at 5.10%, slightly lower than the 5.11% recorded in the past week, according to Freddie Mac.
- The latest reading remains at historic highs, being the highest level recorded since April 2010.
- The 30-year average rate has increased by nearly two percentage points year-to-date, limiting purchases with bidding wars as prices continue to climb.
- Sales are starting to ease, with contracts to acquire previously owned homes down for the fifth straight month to record the lowest level since May 2020.
- The median sales price for a home in the United States hit a record of $375,300, up from $172,300 the last time that mortgage rates were at similar levels.