Freddie Mac, the federally chartered mortgage investor, aggregates rates from 125 lenders across the country to come up with national average mortgage rates. New-home sales were predicted to tank in April but instead moved slightly higher. According to U.S. Census Bureau data, new-home sales were up 1 percent last month. “This will be another week of little change to rates,” said Gordon Miller, owner of Miller Lending Group in Cary, N.C. “I don’t see any reason for higher rates and nothing compelling for lower rates yet, either.”ADADMeanwhile, with home buyers returning, mortgage applications picked up this week. “The mortgage market has been active in recent weeks, with lenders reporting stronger borrower demand in many of the states that are gradually reopening,” said Bob Broeksmit, MBA president and CEO.

Source: Washington Post May 28, 2020 14:36 UTC