Many factors are putting upward and downward pressure on mortgage rates, and prospective borrowers have observed a seesaw pattern in the cost to finance a home recently.
While the benchmark 30-year rate has climbed from a 5.22 percent average a month ago, it dropped slightly in late May, backing off from 5.45 percent May 18 to 5.27 percent May 25, according to Bankrate’s national survey of lenders.
Make no mistake: The trend continues to point north, considering that a year ago the 30-year fixed rate averaged just 3.16 percent. Experts say inflation is just one factor pushing mortgage rates. They are increasingly concerned about the possibility of a recession looming on the horizon.
