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Mortgage rates that averaged above 7% since mid-April per Freddie Mac data acted as a drag on new home sales last month, according to a new National Association of Home BuildersSales of newly built, single-family homes in April fell 4.7% to a 634,000 seasonally adjusted annual rate from a downwardly revised reading in March, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in April is down 7.7% from a year earlier.

Freddie macCarl harrisDanushka nanayakkara skillingtonUs census bureauUs department of housingNational association of home buildersNational associationUrban developmentHome builders