Other rates:

• 15 year, fixed-rate: 5.76% (unchanged)
• 1 year, adjustable rate: 5.16% (up from 5.15)
• 5 year hybrid arms: 5.78% (down from 5.79)

How will this affect home sales? According to the article:

Home sales are expected to be down this year from last year but should still be respectable, economists predicted. “The slowdown amounts to a tapping of the brakes on a hot market,” said David Lereah, chief economist at the National Association of Realtors.

Home prices are expected to cool, too. David Seiders, chief economist at the National Association of Home Builders, predicts home prices will rise by 6.5 percent this year, versus the double-digit gains seen previously.