Mortgage rates declined this week but remain near multiyear highs

helping make it the least affordable time to purchase a home since before the financial crisis.

The average rate on a 30-year, fixed-rate mortgage fell to 5.70%, mortgage-finance giant Freddie Mac said Thursday.

That is down from 5.81% last week but up from 3.22% at the beginning of the year.

The fastest acceleration in mortgage rates in decades and stubborn home-price appreciation have pushed some would-be buyers off the market this spring

Typically the busiest time of year for home sales.

In April, the median American household would have needed 41.2% of its income to cover mortgage payments on a median-priced home, the Federal Reserve Bank of Atlanta said this month.

That is the highest share since July 2006 and well above the 30.8% recorded in April 2021.

Pushed mortgage rates to their highest level since 2008 earlier this month. Mortgage payments on a median-priced home were about $800 higher in June than a year ago, according to

Still, demand for homes continues to outpace the inventory of homes for sale. Nearly 60% of the homes sold in May were sold above their list price, according to real-estate brokerage Redfin Corp.