The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 4.26% to from 4.58% last week.
Last week, the Fed ratcheted up its main borrowing rate by three-quarters of a point, the second such increase in less than two months. The central bank also raised its benchmark rate by a half-point in May, beginning its aggressive pivot to try to stifle four-decade high inflation. Rapidly hiking rates risks pushing the U.S. economy into a recession, but it’s the Fed’s most powerful tool to get price increases back to its 2% annual target.
The decline that the Commerce Department reported in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.
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