(Bloomberg) -- Mortgage rates in the US rose for the first time in four weeks. 

The average for a 30-year, fixed loan was 7.03%, up from 6.94% last week, Freddie Mac said in a statement Thursday. 

Borrowing costs have been hovering around 7% for weeks, while prices remain high and inventory is still tight by historical standards. That’s weighed on demand with a measure of contract signings falling to a four-year low in April.

“Following several weeks of decline, mortgage rates changed course this week,” Sam Khater, Freddie Mac’s chief economist, said in the statement.

Policymakers received a signal Thursday that the economy has pulled back slightly, with gross domestic product rising at a slower pace in the first quarter than initially reported. 

“For mortgage rates to drop more significantly, the Fed needs to see more evidence of slowing inflation,” said Jiayi Xu, a Realtor.com economist. “Overall, we anticipate that slowing inflation and economic growth will allow mortgage rates to decrease to around 6.5% by the end of 2024.”

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