Mortgage Rates Climb To 5%, Highest In Over A Decade

Borrowers have started to change their behavior as interest rates climb

A project manager moves a "Sold" sign near home construction sites in Kyle, Texas. (Matthew Busch/Bloomberg via Getty Images / Getty Images)


The average interest rate for America’s most common home loan has reached a high not seen in more than 10 years, Freddie Mac said Thursday.

The 30-year fixed-rate mortgage sits at 5%, up from 4.72% last week, according to the mortgage-lending giant’s latest weekly Primary Mortgage Market Survey. At this time last year, the average was at 3.04%.


In this Friday, May 22, 2020, file photo, a sold sign sits in front of a house in Brighton, N.Y. (AP Photo/Ted Shaffrey, File) (Associated Press / AP Newsroom)

“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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