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.

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

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