After jumping to a one-year high less than two weeks ago, 30-year mortgage rates have fallen five of the last seven days and are now down to early-May levels.

Given so much economic uncertainty, the Federal Reserve is adopting a wait-and-see approach when it comes to interest rate adjustments. After cutting borrowing costs three times last year, the central bank has held rates steady so far in 2025, extending its holding pattern for a third consecutive meeting on May 7.

The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated.