Average long-term US mortgage rates edge up to 5.54%

WASHINGTON (AP) — Average long-term U.S. mortgage rates are ticking higher this week in a rapidly cooling housing market as the Federal Reserve gears up for what could be yet another bump to its benchmark interest rate. Mortgage buyer Freddie Mac reported Thursday (July 21, 2022) that the 30-year rate rose to 5.54% from 5.51% last week. One year ago the average 30-year rate was 2.78%. The National Association of Realtors said Wednesday that sales of previously occupied U.S. homes slowed for the fifth consecutive month in June. Home prices kept climbing last month though, albeit at a slower pace than earlier this year.