Mortgage Rates Average 5%
Mortgage rates averaged 5% flat last week, up from 4.72%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5%. A year ago at this time, the 30-year FRM averaged 3.04%. “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.” Home prices continue growing despite hope for a cool down this year due to mortgage rate increases pricing many out of the market and reducing competition. For…