“The new normal for now is mortgage rates in the high 6 percent range, which means that the relatively slow pace of home sales transactions during the spring is likely to push into summer,” says Lisa Sturtevant, chief economist at Bright MLS, a listing service in the mid-Atlantic region.

The average rate on a 30-year U.S. mortgage fell modestly for the second straight week, but home borrowing costs remain elevated. The long-term rate inched back to 6.84% from 6.85% last week,