Home sales tumble again as mortgage rates surge

By ALEX VEIGA
AP Business Writer

Sales of previously occupied U.S. homes slowed in April for the third month in a row as mortgage rates surged, driving up borrowing costs for would-be homebuyers as home prices soared to new highs. The National Association of Realtors said Thursday that existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million. That was slightly higher than what economists were expecting, according to FactSet. Sales fell 5.9% from April last year. The slowdown came as the average rate on a 30-year fixed-rate home loan climbed to above 5% for the first time in more than a decade by the end of April.