Mortgage rates have hit 5% for the first time in more than a decade

Mortgage rates rose again this week, reaching 5% for the first time in over a decade. The 30-year fixed-rate mortgage averaged 5% in the week ending April 14, up from 4.72% the week before, according to Freddie Mac. That’s the highest since 2010. Rapidly rising rates, along with sky-high home prices and rapid inflation continue to push homeownership out of reach for many Americans, according to Sam Khater, Freddie Mac’s chief economist. “This week, mortgage rates averaged 5% for the first time in over a decade,” said Khater. “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.
Source: KMBC.com