Mortgage rates top 5 percent for the first time in decade
by Tobias Burns - 04/14/22 2:19 PM ET
The interest rate for the 30-year fixed-rate mortgage hit a ten-year high of 5 percent Thursday, continuing steep inclines that started last December in a U.S. housing market where values are surging.
The rate on the most popular U.S. mortgage has climbed nearly 2 points from 3 percent a year ago, according to the latest numbers from government-mortgage administrator Freddie Mac. The last time the 30-year fixed rate mortgage hit 5 percent was February 2011.
Fifteen-year fixed-rate mortgages averaged 4.17 percent this week, up from 3.91 percent last week and 2.35 percent a year ago.
“This week, mortgage rates averaged five percent for the first time in over a decade,” said Sam Khater, Freddie Mac’s chief economist. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.”
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https://thehill.com/policy/finance/3267686-mortgage-rates-top-5-percent-for-the-first-time-in-decade/
