Average long-term US mortgage rates edge down, still over 5%

Associated Press

WASHINGTON (AP) — Average long-term U.S. mortgage rates edged down slightly this week, though interest rates on the key 30-year home loan remain at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked down to 5.09% from 5.1% last week. By contrast, the average rate stood at 2.99% a year ago. Higher borrowing rates appear to be slowing the housing market, a crucial sector of the economy. In April, sales of both existing homes and new homes showed signs of faltering, worsened by sharply higher home prices and a shrunken supply of available properties.