The average 30-year fixed-rate mortgage was 7.03% for the week ending May 30, according to Freddie Mac's latest Primary Mortgage Market Survey.

The Fed Has Been Seeking Confirmation that Price Pressures Are Under Control Key TakeawayasInflation was relatively tame in April, in line with forecasters' expectations, an encouraging sign for the prospect of a possible interest-rate cut by the Federal Reserve later in the year.

U.S. economy grew at 1.3% in Q1, slower than expected. Inflation may continue to decline, easing pressure on Fed to cut rates. Experts have mixed views on potential impact.

Atlanta Federal Reserve President Raphael Bostic signaled Thursday that he would not support an interest rate cut in July amid signs of sticky inflation.

New government reports point to a cooler economy and possibly cooler inflation. But experts say it's too soon to expect Fed rate cuts.

WASHINGTON -- Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.

By Ann Saphir and Michael S. Derby EL PASO, Texas/ NEW YORK (Reuters) -Federal Reserve policymakers continue to expect inflation to fall this year even as the labor market stays strong, leaving them in no hurry to cut the policy rate from the 5.

The Federal Reserve officials have recently hinted that they aren’t about to cut interest rates any time soon, thanks to persistently high inflation. Only a few months ago, many analysts forecasted that the Fed would indeed cut rates,

Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.