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5.27%: Mortgage Rates Hit Highest Level Since 2009

  • May 5th 2022

by UrbanTurf Staff

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Long-term interest rates resumed their climb this week, rising to the highest level since 2009. 

Freddie Mac reported 5.27% with an average 0.9 point today, up 17 basis points compared to last week. A year ago at this time, rates were averaging around 3%; 30-year rates have now not been this high in 13 years. 

“While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months,” Freddie Mac's Sam Khater said in a statement.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/527-mortgage-rates-hit-highest-level-since-2009/19613.

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