For the first time since May 2010, long-term mortgage rates are averaging 5 percent
Freddie Mac reported 5 percent with an average 0.8 point today, up 28 basis points compared to last week. Long-term rates have now risen 120 basis points over the last month.
“This week, mortgage rates averaged five percent for the first time in over a decade,” Freddie Mac's Sam Khater said in a statement. “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.”
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.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-hit-5-for-first-time-in-over-a-decade/19521.
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