The average 30-year fixed interest rate averaged 6.06 percent with an average 0.5 point on the week ending May 1, compared with 6.03 percent for the week ending April 24, Freddie Mac said.

A year ago, 30-year fixed rate mortgages averaged 6.16 percent.

At 5.59 percent with an average 0.5 point, the 15-year fixed rate average declined during the week, from 5.62 percent the previous week.

"This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," Freddie Mac chief economist Frank Nothaft said.

The U.S. Federal Reserve indicated this week, "it expects inflation to moderate in coming quarters," Nothaft noted.

"But uncertainty about the outlook for inflation remains high," he said.

Nothaft predicted the Fed would cut interest rates further at the next Open Market Committee meeting.